trader211

trader211

Looks like Bitcoin will break out soon. If it does I'm looking for it to convincingly break 7.4k and hold. If it can't clear this price then its likely it will test 6k again and may go even lower. Its still a bear market. On the other hand if price breaks out and makes a new high then it could be the beginning of a bull cycle. The breakout can go either way but...

trader211 Updated 

If BTC breaks the 200 day its likely we will be in a bear market for a while as it attempts a full retrace. It took a long time to recover the last time price dropped under the 200 day. On the other hand, if it can climb back above the 100 day its likely to test the the 50 day indicating we may start to see a trend reversal. We need a catalyst to push it one way...