Uptrend is intact
It seems that despite the recent drop, that immediately gets everyone screaming a catastrophic crash, Bitcoin just wants to go up. It makes sense, because when the direction seems too obvious (down), then it will very likely act in the opposite way.
We can see that after many failed tests of the 50 MA daily, the market managed to move over it (pinkish line). With the last drop, the MA was retested, and apparently confirmed as supported. Moreover, Bitcoin broke above the main downtrend line (green), and that was ALSO tested as support.
So my previous analysis is still valid, and I'm targeting the clusted of resistances at ~7950, where MA 200 also currently sits.
On the other side, if Bitcoin drops, I will consider this view invalid if 6600 is broken (red dashed line).
P. S.: I just received a push notification from Binance, saying that Bitcoin went over $7,000. Now, they were fast.... it only just happened. Are they trying to rake in some more money to push it up?
We can see that after many failed tests of the 50 MA daily, the market managed to move over it (pinkish line). With the last drop, the MA was retested, and apparently confirmed as supported. Moreover, Bitcoin broke above the main downtrend line (green), and that was ALSO tested as support.
So my previous analysis is still valid, and I'm targeting the clusted of resistances at ~7950, where MA 200 also currently sits.
On the other side, if Bitcoin drops, I will consider this view invalid if 6600 is broken (red dashed line).
P. S.: I just received a push notification from Binance, saying that Bitcoin went over $7,000. Now, they were fast.... it only just happened. Are they trying to rake in some more money to push it up?
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