Bitcoin technicals – first bullish chart in days

It’s been a rough few days to be bullish for bitcoin, but the technicals indicate the pain will be easing soon. The chart below is the BTC/USD exchange rate on Mt. Gox for the last week using 1 hour candles. As I write this article Bitcoin is just below $100. There are three characteristics of this chart that indicate the first bullish signal in a long time: a capitulation bottom, 2 closes over the 21hour EMA, and a crossover of the 7EMA and 21EMA.   1) Capitulation Bottom: Capitulation occurs when investors give up all hope, and just want to …