Bitcoin Evening Update: Upper trendline break incoming?
Bitcoin has fared well after hitting 7200, the lower trendline, and bouncing off of it and hitting highs of 8683 today. 7200 was also a very significant level since it was the trendline that held the log support line on the yearly chart for Bitcoin.
The price did not breach below this level, which is a great sign since breaching this support would indicate a bear market.
Bitcoin also has recently completed the B wave of the correction by hitting C, which is again 7200. The price is now bouncing off of C and is sitting at 8565, D.
This is a very crucial time for the state of Bitcoin. I want to see this upper trendline broken, and for confirmation of a short-term bullish uptrend Bitcoin needs to get past the 2 EMAs around the lower 9000s and break 10000.
Otherwise, a failure to do this may signal the E wave of the correction, or even worse, the log support would be broken and a bear market would be imminent if enough weak hands come through and drive the price down.
Disclaimer: (I am not a financial advisor, do your own due diligence when investing in cryptocurrencies. This is just my speculative opinion.)
Were going to 8900 than a small correction
I can see that occurring soon too, hopefully its a minor pullback though and we don't break below 8k support again. Followed you since I see you post crypto content regularly as well!
I wanted a stronger bounce, but there's NO follow through. Looks like I'll close out and wait to ride it lower.
I agree, we could potentially see that move towards 6000 if the price does decide to break the lower trendline at 7200.
Fantastic TA, really liked this a lot. Just followed you back. Looking forward to reading your analysis in the future. Thanks for the follow.
Thank you!
For future viewers: price of bitcoin at the moment of posting is 8588.70USD
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