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TrendSpider’s Chief Marketing Analyst Jake Wujastyk was recently featured in Forbes for his analysis on Bitcoin following Monday’s dip in which Bitcoin dropped ~10%. Check out Jake’s analysis below and read the full article here.
The first thing to note is that while price has been very volatile the last few days, the pullback was to a known level – the Anchored VWAP from the All-Time High.
It is almost uncanny how accurate the Anchored VWAP has been for Bitcoin. Price pulled back directly to it, and then stopped declining. It may break through it and that would be bearish, but for now, bulls should find this to be encouraging.
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