Short covering or not, BTC rebounded as predicted (I know there is a lot of FUD out there). The current pattern needs to play out for another 1-2 weeks before we know the true intention of the direction of BTC. To me so far, BTC is still correcting upwards and may resume the downtrend in 2 weeks. So gotta be careful from here. I certainly hope that the bulls can...
I am turning bullish with the setup like this. The weekly chart on log scale seem to support the price at RM6000 and as we approached the long term uptrend line probably in a month or two, the likely path seem to be up. Bear in mind that the long term uptrend has never been broken.
I plot btc weekly chart on a log scale with OBV and Acc/Dist. Both OBV and Acc/Dist continue to show positive up trend. BTC Plot against the Gann Chart seems to show that BTC have push through the 5 Resistance Circle and consolidating. All these time, BTC has never broken down from the long term support uptrend line (shown in light red). So, looking from the above...
