Hey guys, Im finally back after spending a lot of time building my automated trading systems. But they are now up and running and that will give me a lot of time for doing videos and writing blog posts again.

So, lets get right to it, in this post we will have a look at both the daily and the weekly chart for Bitcoin. Here is the daily chart:

Comment: Yesterday, Bitcoin finally took out the low from February, the new low is 5750 and this could potentially mean that the short term bear market is over, but as always, lets take one day at a time and one week at a time.

In terms of the daily chart, what we need now is a daily close above the upper trendline at 6800. We are right now at 6200 so we basically will need a 10% move to the upside from the current level. If we can do this, we will likely go higher in the intermediate time period.

Now, lets also have a look at another daily chart:

Comment: In this chart I want to show you a bullish pennant formation that has been forming since January and usually when this happens, you will get a very strong move to the upside, if you will get a breakout. So, in this case Im looking at a daily close above 8000. That would likely be very bullish for Bitcoin.

Finally, we are going to have a look at the weekly chart:

Comment: What we have here is the weekly trading channel where we have been for the last 6-7 weeks. Bitcoins next move will tell us if we are going down further or break out to the upside.

If we were to head south again, we do have strong support around 4600 so be prepared for the worst, but hope for the best.

Happy trading!