Hello everyone! In the last months, we have been having several bearish movements in the price of bitcoin, as you can see in the chart the blue EMA worked perfectly as a support, it is perfectly evident as on 3 occasions the market reacted perfectly when it touches the ema color blue. Now in the last few days, thanks to the strong bearish movement, we saw how the price broke the blue line, which leads us to the fact that the line now works as a resistance. I´m expecting a retest on the blue ema and then a bearish move to the 5,500 zone...
In the mid/long term (6mnths and above), it is definitely in the DOWN trend.
But for the immediate term, it is priming for a great rebound. It can go back UP as high as $86,17 or $10,000 level.
At the same time, it will use $6,000 as base level/region of rebound.
albx
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@SonicDeejay, Great analysis! we are in a descending channel right now, so an important resistance level is going to be the 7,025. If we break that level im expecting a bullish move to the 8,600.00