Bitcoin is on an important crossroad.
Updated
Good Morning!
A new day, a new Pivot Point system. BTCUSD is on a crucial crossroad (B???). Today, the decision is up about the end of the major downtrend.
Pivot Point is 8163. Below the Pivot point , there is a bearish scenario, above a bullish one. Fluctuating around Pivot point means an undecided scenario and a sideways movement.
If the price of Bitcoin has enough upwards momentum, it might cross the brown dashed trendline (B???). If it can break that trendline sustainably, the major downtrend ends. WARNING: Crossing that trendline could be a bull trap. Wait with investing into Bitcoin until you are sure about the sustainability of the new trend. A new trend can be either a new uptrend or a sideways trend.
Pro Bullish Facts:
- For the first time since December 17, 2017, a down move did not reach its target (A). This down move just had not enough momentum.
- The current price of Bitcoin is above the Pivot Point. This is a bullish scenario.
Pro Bearish Facts:
- The resistance R1 and the brown dashed trendline are close together. It will not be easy to cross this double resistance.
- The major downtrend did not yet reach its target. The target is 2403.
I expect a heavy battle between bulls and bears at this extremely important level. If BTCUSD remains below the brown dashed trendline, the major downtrend will take over again and the next targets will be 7040 and 5511.
A new day, a new Pivot Point system. BTCUSD is on a crucial crossroad (B???). Today, the decision is up about the end of the major downtrend.
Pivot Point is 8163. Below the Pivot point , there is a bearish scenario, above a bullish one. Fluctuating around Pivot point means an undecided scenario and a sideways movement.
If the price of Bitcoin has enough upwards momentum, it might cross the brown dashed trendline (B???). If it can break that trendline sustainably, the major downtrend ends. WARNING: Crossing that trendline could be a bull trap. Wait with investing into Bitcoin until you are sure about the sustainability of the new trend. A new trend can be either a new uptrend or a sideways trend.
Pro Bullish Facts:
- For the first time since December 17, 2017, a down move did not reach its target (A). This down move just had not enough momentum.
- The current price of Bitcoin is above the Pivot Point. This is a bullish scenario.
Pro Bearish Facts:
- The resistance R1 and the brown dashed trendline are close together. It will not be easy to cross this double resistance.
- The major downtrend did not yet reach its target. The target is 2403.
I expect a heavy battle between bulls and bears at this extremely important level. If BTCUSD remains below the brown dashed trendline, the major downtrend will take over again and the next targets will be 7040 and 5511.
Note
BTCUSD crossed the important brown dashed trendline. It is above that trendline right now. Is this outbreak a sustainable trend reversal signal or just a bull trap? There will be another test of the brown dashed trendline. We have to observe it closely and make our opinion after such a test happened. Should the outbreak be sustainable, there will be three possibilities how the price of Bitcoin will behave:a) Continuation of the major downtrend above the brown dashed trendline.
b) Establishing a new sideways trend.
c) Establishing a new major uptrend.
Good luck with your trades.
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