This update is an extension on previous long term analyses, although this one
is more longterm. The same support lines are used and are still followed by the market, with one
added at 6k. RSI
supports upward movement, however the MA (50) still needs to come down to support it. The resistance at 8.4k hasn't been tested yet, so I expect that to happen first. If it holds, it'll likely go down to around 7.55 where the new support is. There it'll likely bounce to resistance since historically this has been a strong support. Gains of around 12% can be made in that trade. Bitcoin
will not go above 9k until the MA supports an upwards trend.
To conclude, the RSI
together with the support and resistance
theory support a test of resistance at 8.4k. The MA(50) together with the support and resistance
theory support a test of support after the resistance test at 7.55k, upon which it'll move to 8.4k again.
Keep an eye on the description comments for changes.
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Keep in mind to always set stoplosses and know the risk of the volatile market. Technical analysis is just an indication and is not a guarantee.