BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
BTC has recently rebounded violently off the 6200-6100 critical support as previously indicated. The rebound was accompanied with a very strong bullish movement up to above 6500. Each day BTC has been slowly establishing higher lows indicating a bullish trajectory upwards. I will highlight the bullish and bearish points as follows.

In my opinion, BTC will reach 6900 territory and test upper trend line as long as FA allows it to strictly follow TA.

Bullish Points:

- BTC is currently showing a double bottom completing what looks to be a bullish fractal

- RSI has changed tragectory lightly towards bullish movement slightly above the 50% marker

- Stoch RSI has a very healthy tragectory upwards indicating strong momentum

Bearish Points:

- 20/40 EMA are acting as local resistances

-6900 is still the descending top trendline which needs to be broken in order for BTC to be considered Bullish on a longer time period.

***Any information represented here is my opinion only and not intended to be used for financial gain. None of the information posted here is to be considered financial advice. Information posted here is strictly for entertainment purposes only. Please consult your financial professional before making any kind of investment. Investments can be very risky and any investor should educate themselves before investing by enlisting the help of a licensed financial professional. Past results are not indicative of future results in any construable way.***
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