Another Uptrend Bounce, BTC to test ~11.7k down trend

Weekend review 4h chart; looking good on the up trend bounce, MA 7 testing the MA 25, possibly being a major indicator for further up movement to test this last two month down trend. Otherwise the price consolidation is looking nice, we have not seen the price drop lower than 9K since June 18th. Interested to see if and how the market will test ~11.7k on the down trend. If we see a sharp sell off, I believe we will see a strong support at ~9.5k

Comment:

Thursday Update; Looks like we have false bounced, re-testing the uptrend and 10k support much sooner than anticipated,. RSI 14 at 38 points, there is a lot of head room to bounce back up from this.

Alternatively MA 7 is current trailing at 340 points bellow the MA 25, the downward break occurring 16 hours ago. if we this support is not strong enough and we break down from this uptrend, we will be testing he 9.5k support very soon. If this isn't strong enough to bounce us back on track, we might be revisiting 7.5k in a couple of days.

Still very bullish if we can maintain this strong flag pattern, time will tell.

Comment:

One week later; upward moving support trend maintaining the price. Strong price consolidation between 9.8k - 10.5k. If this upward trend continues as a support, I can see the price launch to ~11.4k to test the two month downward resistance. This bull pennant is looking stronger each day as it continues to test it's support.

I still believe that if we do break down and strongly drop bellow ~9.5k, we will see some heavy correction.

Comment:

10 Day Short Flip; We broke the uptrend at 10.1k, falling to 9555, finding support and bouncing back to hover at around 9.6k - 9.8k with the MA 7 now 200 points bellow the MA 25. If the value fails to find support here, we could see the value drop down to the next strong resistance at ~7.5k.