Bitcoin is now at a very crucial momentum with a lot of bearish pressure has occurred in the short term and lower degree of cycle. This is however still a normal behavior from the market and the choppiness that is still ideal when you see the price tries to break out of the psychological level like $10000 region.
If you say that the price is going to reverse at current rate, I do believe it's totally invalid bias because there are still a lot of strong support below this level that you must respect them. Beside there are 2 signs that shows us the price is still in the stage of potential bullish structure. The first sign is the ascending triangle that is still in play. The price has been trending inside this triangle since the beginning of May 2020 and there is no doubt that the price is still maintaining the higher low structure.
The 2nd sign of the continuation to the upside will be on the RSI. There is a higher low on the price action but the RSI has printed a lower low which indicates current condition as the hidden bullish divergence as well.
My worse case scenario (for bullish bias) is that the price can touches the green region as the interim swing low of current structure. If the price breaks below this region, I will come again and review my bullish bias.
If you say that the price is going to reverse at current rate, I do believe it's totally invalid bias because there are still a lot of strong support below this level that you must respect them. Beside there are 2 signs that shows us the price is still in the stage of potential bullish structure. The first sign is the ascending triangle that is still in play. The price has been trending inside this triangle since the beginning of May 2020 and there is no doubt that the price is still maintaining the higher low structure.
The 2nd sign of the continuation to the upside will be on the RSI. There is a higher low on the price action but the RSI has printed a lower low which indicates current condition as the hidden bullish divergence as well.
My worse case scenario (for bullish bias) is that the price can touches the green region as the interim swing low of current structure. If the price breaks below this region, I will come again and review my bullish bias.
