Looking at the Bitfinex chart, bitcoin seems to be following this long term trend on the log chart since $1k USD. we should assume a break below the green support line will cause bitcoin to fall to the last support around $6k to $7k. If a failed bounce were to happen at $6k, bitcoin might fall all the way to $3k. However, a break above the red downtrend line may cause bitcoin to test the $12k-$12.5k resistance and a break above that will indicate a chance to see bitcoin go to $20k.
Comment:
Looks like a bounce has occurred from the low of 6400. A chance for the bottom to have already taken place has increased, but it that does not mean bitcoin is out of the waters. We are looking for a break above the downtrend line and the 9k resistance. That is when I feel like this run is more than what it seems. For now, I am expecting a pull back to around the 7000 to 7500 area.
