BitcoinLong
Bitcoin - BearsVsBulls
Updated
So once again Bitcoin is on a critical point in which holds two possible scenarios. Continue downward movement to the next strong support around 6.7k level or rebound back to the resistance at around 7.4k. Its still in an ambiguity creation scenario to say where it is heading but from the above two scenarios testing the 6.7k is more likely the one to happen. Both 50EMA and 89EMA are above the price and still not showing any huge impact on the price the last two days. RSI is at around 41. By this if the 50MA continues and price keeps falling, then price should find support at the next support level around 6.7k range.
Conclusion : A further price drop from the current level is the most likely scenario however that changes if the 50MA become under the price to hold the price up we might see another leg up towards the 7.4k "Bears" teritory.
Conclusion : A further price drop from the current level is the most likely scenario however that changes if the 50MA become under the price to hold the price up we might see another leg up towards the 7.4k "Bears" teritory.
Note
On our latest update on Bitcoin yesterday we said that there where 2 possibilities to happen which were easy to guess. Our "most likely" scenario take the stage and Bitcoin retraced to 6.8k level and re-bounce again. It seems the it tested the support level on both the 10k to 5.7k retrecment and on 8.5k to 6.7k retracement levels. It seems we are again in a possibility to see Bitcoin testing the strong resistance at 7.4k level. If it can break and close above the stated resistance level we might have a big possibility to start a leg up towards the 8.5k level. In addition to this all the setups on the May chart pattern before we see the big downward trend are showing themselves again on this weeks Bitcoin chart pattern. Besides in our 4H chart Bitcoin created a falling wedge pattern once again which can be taken as one additional potential indication for the uptrend startup till it finds a consolidation area. Stay tuned to our channels to get more updates. Don't forget to give a like if you agreed with this idea. or put your comments below if you disagree on it. You can also follow our telegram channel[ t.me/togetherweaccumulate] for more news, TA, FA, and trading tutorials. With Regards.
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