Bitcoin update and my 2 cents.
Bitcoin rising slowly, forming an ascending triangle on the 7800 resistance. MACD and RSI showing possible uptrend movement in the short term. Hard to to tell what the market wants to do though.
If we break over 7800 we might just reverse at 8000. If we break 8000 we could reverse anywhere up to 10000 or maybe even 11 or 12000. If we break below the current uptrend we will probably test the lower uptrend line.
I do not think the bear market is over but could be a while before going down. My advice would be to trade the breaks of resistances, swing trade the shorter time frames, use tight stop losses and not enter long positions until we have a closing daily candle above 8000 or just sit out and wait.
If we break over 7800 we might just reverse at 8000. If we break 8000 we could reverse anywhere up to 10000 or maybe even 11 or 12000. If we break below the current uptrend we will probably test the lower uptrend line.
I do not think the bear market is over but could be a while before going down. My advice would be to trade the breaks of resistances, swing trade the shorter time frames, use tight stop losses and not enter long positions until we have a closing daily candle above 8000 or just sit out and wait.
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