Bitcoin Update. Is it not the end for bears yet?As we predicted it earlier Bitcoin's uptrend faces some barriers around the 8.4 k USD area and is now in correction. As we can see on the chart an uptrend reversal movement is already on. But still there is no a 100% confirmation for it and we might see some other downtrend move depending on the strength of the bears and their dominance over the bulls. A rising wedge is already broken and a downward correction is on progress. The main question in which even many high level proffessional traders and analysts couldn't answer this time is Bitcoin's next direction in the short to mid term investment duration. As a crypto enthusiast our team is still positive on the "Very" bullish potential on Bitcoin. But since there are many intraday traders and who wants to make money in the shorter period the question holds a logical approach. Anyways as we can see it the fundamental reasons raised last week especially the ETF situation related to the Winklevoss twins ETF rejection by the SEC is one of the main reasons for this correction and its actually a normal and healthy correction so far unless it needs some time to rebound and continue its big upward trend. Again as last time we are facing with 2 scenario's on hand next.
1. To correct and touch the support level around 7446.26 USD. If it can rebound and get some bull hand on success it will be a very high probable bullish trend to happen.
2. Since we see a rising wedge break scenario we might see some more downward movement. Mostly this chart pattern is known for its downward bias for such correctional times. By this we might see a downward correction for the following 1 to 2 weeks if the case continue in such ways and might even further go down first to support area 6808 USD which is the most probable outcome or further to the strongest support area around 6355.03 USD.
We will update you on further coming scenarios. Stay Tuned. Team TWA.
