We never want to be too quick to jump on the bull-train, especially since we've all seen just how nasty this market can be. With that said, the breakout of the 120+ day downtrend for Bitcoin gave new hope to investors that the bear market may finally come to an end.
For us, there's no need to panic, yet. BTC should hold strong support at the .236 FIB level (~$9k) and if it does, the current uptrend of the last few weeks is still intact. If not, we wouldn't be surprised to see $BTC retest the log downtrend (not uncommon after a breakout) and this point would coincide with the Tenkan-Sen as well. A bounce there would be huge confirmation for Bitcoin and thus, the entire market, that we are in fact in a recovery phase.
A break back below the previous log downtrend and all bets are off. We may very well see the total market cap head back to the critical $250bn support level.
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For us, there's no need to panic, yet. BTC should hold strong support at the .236 FIB level (~$9k) and if it does, the current uptrend of the last few weeks is still intact. If not, we wouldn't be surprised to see $BTC retest the log downtrend (not uncommon after a breakout) and this point would coincide with the Tenkan-Sen as well. A bounce there would be huge confirmation for Bitcoin and thus, the entire market, that we are in fact in a recovery phase.
A break back below the previous log downtrend and all bets are off. We may very well see the total market cap head back to the critical $250bn support level.
Follow our free telegram channel at TryBravado.com
