First of all, we hope you have been enjoying your weekend so far. As we are currently in a very decisive trading zone in bitcoin, we thought a daily time frame update will be good.
We wouldn’t deny that bitcoin is still in an intact uptrend. However, the market already reached our statistical target of 7860.48 and from this level, the market is currently pulling back. So far so good. But one important thing we need to mention is that the RSI trend line broke to the downside, whereas the trend line in price is still intact. As long as bitcoin is holding that trend line we still need to push it higher. But when the market really breaks the trend line to the downside we will get more weakness to at least our monthly extension to the down of 5703.84. Overall, we need to be careful at this stage. We don’t like trading bitcoin at the current stage. We will wait for more clarification.
Hope that helps
Commento
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Alright, guys Bitcoin was able now to break the trendline. More downside should follow.