As you can see looking at the chart bitcoin found support at the 30-EMA which is marked in blue in my chart this is an important level for bitcoin because we bounced there already several times in the previous trend. At the moment it means the trend is still , what is adding to this bullishness is the blue in which we are trading but this outlook can change when we fall out of the and below the 30-EMA which will serious and important indications for a possible continuation as these levels holding the overall price still stable. When this happens it will give bitcoin an initial push to visit lower levels of support in the structure as you can see it marked in my chart.
For now, it is possible that we confirm the lower trendline of the rising blue channel to set up for a breakout of the higher resistance at the 10000 but this possibility is very marginal and not within the likelihood spectrum because the 10000 level is still heavy psychological which was the origin of the heavy breakdowns seen last months. In this case the longer correctional consolidation will come when we break the blue to the downside and confirm below the 30-EMA. This will be a major step in bitcoin because it will take out the overall uptrend which holds the important uptrend we had for over two months now therefore this is a meaningful scenario that shouldn't be ignored.
The overall structure looks like a hug bull-flag developing at the moment which needs to confirm properly for further continuation, remember that we need to confirm the important support in the range at 8100 to have a chance that the bull-flag will be realized as a real bull-flag and not a fake one, for this scenario the support at 8100 is extremely important to hold otherwise when we break this support to the downside there will come high pressure and bitcoin will look for more downside to come in the ground range which you can see marked in red in my chart. Therefore it is important to hold the support but when it does and bounces with good we have a good possibility within the schedule that the bull-flag confirms to the upside.
So, friends, this should give you a good overview about the current situation with bitcoin and what we can expect in the next days and weeks. There are many people calling for the complete bull-market catapulting bitcoin to one trillion in market cap but this is an unrealistic approach in the markets and of high speculative value, to succeed we need to see the market in the clearest light as possible therefore we need to attain a cool head and be prepared when changes occur in the market to take opportunities with the best arrangements as possible this means to not be overly optimistic in one direction which happens too often and to keep in mind that the market especially fast-moving volatile markets in today's economy can change dramatically.
In this manner, thank you, everybody, for watching, support for more market insight, and a good day to everybody.
Information provided is only educational and should not be used to take action in the markets.