Crypto Market Update (Bitcoin):
No major changes this week, possible selling due to quarterly rebalancing by major institutions that got in early as risk assets sold off.
Bitcoin continued lower this week after breaking the parabola … while I don’t consider the break of such a steep curve material in the long term, it does signal that the rate of price expansion may be slowing as we trade through new highs.
Medium term outlook:
Adding confluence to the daily chart pivots is the 10 week MA around 48,000… Below the Daily chart pivots we have the 20 week MA as support around 37,000 ,.. If 2017 was any indication, The 20 week moving average should hold throughout the entirety of the bull cycle.