After reaching a new ATH of ~$7800, Bitcoin started to see issues with a sharp decline in network hashrate due to miners picking the favourable Bitcoin Cash.
However, after a series of harsh drops comes a recovery. Rising from the ashes of its counterpart, BCH (which has dropped $1000 recently), Bitcoin is ready to go after people have burned their run on Cash. A falling wedge pattern confirms this. MACD signal about to cross suggesting a reversal as well with the start of a rise for the OBV.
I believe after this, and once the dust settles with Cash and miners start returning to Bitcoin, we'll be ready to see $7000 again. I myself set a long position just under $6000 whilst simultaneously shorting Cash from ~$1550.
In short (ha, get it? More like long!): long Bitcoin. We'll see $7000 and Cash will soon decline to confirm this. To me it looks like the next supports are $5700 and just above $5400, but I doubt we'll decline that.
If you like what I post, feel free to join my Discord: discord.gg/V7rMHBs - always enjoy hearing from others :)
However, after a series of harsh drops comes a recovery. Rising from the ashes of its counterpart, BCH (which has dropped $1000 recently), Bitcoin is ready to go after people have burned their run on Cash. A falling wedge pattern confirms this. MACD signal about to cross suggesting a reversal as well with the start of a rise for the OBV.
I believe after this, and once the dust settles with Cash and miners start returning to Bitcoin, we'll be ready to see $7000 again. I myself set a long position just under $6000 whilst simultaneously shorting Cash from ~$1550.
In short (ha, get it? More like long!): long Bitcoin. We'll see $7000 and Cash will soon decline to confirm this. To me it looks like the next supports are $5700 and just above $5400, but I doubt we'll decline that.
If you like what I post, feel free to join my Discord: discord.gg/V7rMHBs - always enjoy hearing from others :)