Summary:
Bitcoin price has been bouncing off of previous support zone of 6500ish level. Price can bounce as high as the upper band of the downward channel that has been playing out since late February 2018. We have to see how price reacts when it reaches that level before getting any hints on this bullish trend.
Bearish Scenario:
This could just be a small technical bounce of previous support level that can be used by bears to trap bull before they push the price below that level.
Bullish Scenario:
The recent push down below the multiple year trend line could be a false breakout to trap bears and get the trend reversal by bulls, but that doesn't really look to be very convincing as price has not move up with huge bullying volume nor this swing up is showing any strength will huge green candles. Volume is still on the lower side at these lows.
If you like my analysis please upvote, follow and Resteem this post, You can also follow me on twitter to get instant updates @tradewithtechie
Disclaimer:
I am not a financial advisor, nor the information posted in this article is a financial advice. The information in this article is my personal opinion and is not recommended to make any investment transactions based on it. I do not take any responsibility for the investments made based on my analysis.
