As you can see the price bounced right off the 200D MA. What really matters is whether we hold this weekly above the 58k level. If BTC achieves this level again we can see a pump towards 73k and it will be parabolic.
Also, the second condition: Unless we trade above the 21D MA I am still not convinced with this pump. Pay attention to the lower trendline Support. This dump could actually end up being just a wick in weekly if we close above 58k.
Conclusion: BTC is still uncertain in short term but bullish in the long and mid-term. I have been accumulating long at every dip with low leverage. Only a close below $51700 will be bad for BTC which seems unlikely as per the current situation.
Do hit the like button and share your views in the comment section.
Thank you
#PEACE
Trade active
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BTC will be highly bullish in the short term if it can just break out of this channel and close above it. 56k remains the key level which we need to keep an eye on the lower time frame. So far looks good, making higher lows what we need now is a higher high which is possible only after the breakout of this channel.
Fly me to the moon! Thanks for all the free advice! Hoping to yield enough profit from these free trades to join Cryptorphic Elite for a month; then hoping profit from that can help with further subscriptions. Here's to crossing fingers!
Sam_Harvey
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Thanks for updating BTC for us, hope alts increase also. 🙂