Bitcoin Bump and Run


Welcome to this updated analysis on BraveNewCoin / BLX Let’s get right to it!  

Bitcoin has surpassed a descending trendline (in black,) that has recently been popularized on the internet as a key part of a potential “bump and run reversal” bottom formation. 
Taking all of that into consideration, I have come to the conclusion that I must do my own assessment of this bump and run reversal theory, to see if it sways my view. Because currently, from a pure probability standpoint, I do believe that there is a much higher chance that we fall from here, as opposed to the probability that Bitcoin continues to rally. 
We can see that it is pegged on 100, and has been there since the beginning of March. Additionally, the daily RSI just came off of near-record overbought territory, and the daily MACD is also showing signs of exhaustion, after printing a bearish crossover a few days ago. 

If it’s too steep, then the ensuing bump is unlikely to be significant enough, Ideally, the angle of the trend line from the bump’s advance should be about 50% greater than the angle of the trend line extending up from the lead-in phase

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