Bitcoin (BTCUSD) short-term drop, as seen in my previous analysis, is coming to an end.
We can look into any pair short, mid and long-term. We are looking into Bitcoin (BTCUSD / XBTUSD) daily, in order to determine its next move.
Our main target now is $8500. We went from SHORT to LONG...
Conditions for change Remember that this situation/chart can easily change. Bitcoin is now trading above EMA10 on this timeframe (4h), but moving and closing below this level can invalidate the above analysis.
If the last low at $7700 is taken out, Bitcoin is likely to move lower rather than higher. But if the bulls continue to come in/follow up, BTCUSD is likely to bounce as it is happening right now.
If $8,500 is broken, BTCUSD can easily go higher... $9,000+.
Where do you think Bitcoin is headed? Share your thoughts and charts in the comments section below...