There is going to be resistance at 30864. If a breakout above that and getting support at that happens we could be off to the races and resuming the bull market. Too early to tell yet.
After such a deep sell-off we've seen the market nervous for the last month with short sharp rises and falls.
I think we may see a gradual return to confidence over the next two months following tweets from you-know-who. Plus the moving averages seem to be moving back to a positive formation so this may give it a small boost.
I think we may see larger, longer...
Bullish uptrend (shown green) originating from before the main bubble has offered support 3 times since the recent correction.
Even though we are currently in a parallel downtrend (white) we may see a change in BTC's fortunes by week end.
Bitcoin looks to be currently forming a rising wedge under the 200EMA which could signal another leg down in BTC price in the coming days.
Validation of a breakdown would be a breakout and retest of the rising wedge to the downside. Target £20,000.
Have we now hit the bottom of the immediate downward correct? From my perspective, it appears so, although a delicate time over the next 24 hours to see if tentative steps can be made onto the upward trend channel. Potential targets are £32k, £34.5k and £36.5k. I believe ultimately a big bearflag will be formed and we'll be back on the downward to targets of...
