For the time being, we are in a short-term uptrend but IMO we are still at risk of rolling over and heading lower again. As you can see by the chart below (3rd chart), the price of BTC has, for the most part, followed on top of the 10 Day EMA, with only occasional dips below the 10 and 20 EMA during corrections. Typically the price has recovered and moved back above the 10 Day EMA within a fairly short period of time. So what I would really like to see now is as I said above for the price to break through the resistance I see in the $16,500 to $17,000 area and to regain its position above the 10 Day EMA. If Bitcoin can achieve this (scenario #1), then I will have confidence this pullback was nothing but a short-term price correction just as we have seen many times in the past. If instead Bitcoin struggles here and lingers below resistance in my opinion at best we could be looking at a longer-term consolidation period (which is healthy). Or worse case (scenario #2), we could see the price roll over and head lower again possibly even down to the long-term trend line #2 (around $8000). My gut feeling is that scenario #1 will play out but that is just my personal opinion and even if scenario #2 is where we head, long term I am still very bullish on Bitcoin.
Comment:
Sorry, I cut this text out of something else that I was writing, disregard the references to other charts.