Bitcoin - Let's keep an eye on this!

In my last post, I touched on the "Possible Rocket Fuel Area." This area has a lot of support from multiple angles which typically makes it hard to break and easy to stage a comeback from. These types of spots are not easy to find so the Algos count on just a few people knowing about it so it makes it even more likely that a quick jump can happen here. We have now closed 2 times above support so we will see where this leads. Before I forget, I don't want you to think that we need to hit the sweet spot precisely, if the rally is going to happen it will happen between now and the 15th of December, we may even have to melt down a little to hit $6400 - $6300 before bouncing up. As I mentioned before the likely destination is the 200MA, which is linning up nicely with the top of the downtrend channel. At that point, there are 2 scenarios; hit and meltdown or hit and decisively go over the 200MA. The right thing to do is to sell as soon as we hit and wait to see if we close above or below the 200MA.

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NOW, THE LEGEND;
Support trendlines are green
Resistance trendlines are Red
Horizontal support lines are white, the thicker the stronger the support
50 Moving Average is yellow
200 Moving Average is white

THE TREND: Going Down
THE OUTLOOK: Begining to see the end of the downtrend a rally may be coming soon.