Bitcoin Update : Bull Trap? or A serious End for The Correction?
After the pullback which almost reached the 78.6% extension, Bitcoin finally made a strong bounce. On the breakout of the wedge,Volume picked up fairly quickly although still has to increase. We are likely in for a retest of the $9249.7 and $9734.4 resistance levels with this trend. Even before that it needs to break next resistance level at $8650. From there we can assess whether Bitcoin is looking for another long term bull run or whether it is due another low.
Indicators
RSI : is bullish and it is far from the overbought zone.
MACD : supports the upward movement.
DMI : is bearish.*
ADX : line falls and it tells us that the bears are not so strong now.
Based on the information which the market gives now, it can be considered that Bitcoin is in the beginning of a new uptrend. We must watch closely for price action in the zones at $10000 and $12000 levels.