BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Hello friends,
Another short post today - been a lot of work lately but I'm leaving for vacation today so hopefully I will be able to make more in depth posts as before.

Right now we are seeing a corrective move on bitcoin , it does not look severe - yet.
There are plenty of signs that a broader correction might happen, but there is no proof of that happening right at this moment.

I expect us to bounce where we have 2 key trendlines intersecting, at 6300 - if we go down that much.
The immediate support should be 7850$ - but this would put out of the current wedge , and is a tell sign for me that the market is really running out of steam and we can expect sub 7000$ happening.

In this case, we should most likely reach the price of 6500 at the least, and this is the moment of truth if bitcoin can hold there, if it does hold, we can expect another surge upwards, the question is how we will handle the 8700-9000$ resistance which seems to be a strong barrier right now.

Volume seems to have peaked out and is declining, MACD has crossed bearish but is not that powerful yet, which I interpret of bearish weakness or that there is more drop to come (this is most likely as for now).


Waiting to see how this on develops!

Have a nice day


Comment: BTC didn't manage to break up, so it was clear when we got rejected at 8700 that this would happen. Let's see if we can bounce from this ascending support , otherwise the target is 6878
Comment: 1000$ drop incoming probably, we closed the daily under the second trendline now
Comment: BTC buyers are stronger than i thought, the ascending support/descending resistances have been broken through and price closed above on the daily.
Trade closed: target reached
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