BTCEUR next target at 8100 euros
Updated
Looks like we reached a bottom around 4800 euros which was close to a 78% retracement of the entire 2017 advance.
We broke through short term resistance (A) and are heading to the middle of the boillinger band at 8100, which is also mid-term downtrend (B).
We need to hit 8100, break and then head to the top of the BB around 10000 to break the main downtrend (C) before starting the next major bull.
Until then we are still in an uptrend within a longer downtrend and we can see short-term pull backs to (A) and once (B) is broken back down to (B) before hitting (C) :)
Note that the RSI was not very much oversold and the MACD have not crossed yet.
We broke through short term resistance (A) and are heading to the middle of the boillinger band at 8100, which is also mid-term downtrend (B).
We need to hit 8100, break and then head to the top of the BB around 10000 to break the main downtrend (C) before starting the next major bull.
Until then we are still in an uptrend within a longer downtrend and we can see short-term pull backs to (A) and once (B) is broken back down to (B) before hitting (C) :)
Note that the RSI was not very much oversold and the MACD have not crossed yet.
Note
my point being that I remain unconvinced by this bottom. The bounce lacks strenght despite the volume on 2/6So I would go long with care, take profits once we hit (B) and come back in a bit lower before adding to my longs as we go up to (C).
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