OrionInTheSky
Short

Bitcoin is out of the long established bullish trend?

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Bitcoin is on the brink of dropping out of long established logarithmic bullish trend . This trend has continued for about a year and currently we are seeing price levels continuing to drop below the support lines. So far upper trend lines have acted as support for newer and stronger bullish momentums, setting up stronger and stronger bullish trend - price would find support on previous resistances. Since the correction from Bitcoin's ATH , that phenomenon reversed and we are starting to see old supports to act as resistances.
If bears get hold of BTC below the 7500-8400$ levels, we might see further support on the upper border line of the older bullish trend from two year long 2015-2016 period, converging around 2500-4000$. Until that moment, we have strong supports in 7500-7800$ and 4800-5000$ zones.

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