Bitcoin Update: Period of sideways action, boring
The overall state of the crypto market has been pretty boring, most of the coins have been moving sideways.
After breaking below the log support line a week ago, Bitcoin has formed a bottom located around the 6700 level. We could potentially still see drop down to the 5800 support line I marked in the last update. Hopefully that is not the case though, as a breakdown from that area would indicate a bear market.
As you can see, I drew a descending trendline in response to the downward trend the Bitcoin has been in. 7000 would be the break I would like to see but realistically, to get out of the chance of hitting 5800, the price needs to breakout from 9286.
Also, the RSI is isn't near the oversold level yet, which tells me that there could still be some selling pressure that could take us down to the 5000s.
Conclusion: 9286 will act as the confirmation of a short-term bullish uptrend, and then the ultimate confirmation would be Bitcoin hitting highs above 11700. Otherwise, I am still bearish on this price action and will continue to be until then.
It will go up.
Hopefully! We need to bounce from the bottom at 6700.
Agree with your TA! I will add that if the price action can't move before the weekend, then bears can take over the price action with thinly traded markets over the weekend.
Thanks! And yes the volume has been pretty low, another reason that I'm bearish as well for now.
You have been defended with a 7.45% upvote!
I was summoned by @marcopagan.
You got a 10.97% upvote from @slimwhale courtesy of @marcopagan!