Using a log chart (which better represents long term growth), XBTUSD is still below the descending trend line from the all time high (green trend line). Not only is it still below this trend line but it is also below the daily 50 SMA, and the ascending trend line from before the most recent breakdown (yellow trend line). XBTUSD would have to break 8700 and stay above to have any chance of a bullish trend change at this time. Key levels to hold for a bullish trend change would be 6550 area where there were a few days of consolidation and the most recent low of 5855.
Comment:
looks like bitcoin is moving on down as predicted, lets see if 6550 holds in the next few days!