Bitcoin could not break through 10,000 usd and the long-term channel line. I am expecting at least 2 legs correction to the downside, probably at least testing daily 200 MA (8,000 usd) or even going further down if it breaks daily 200MA.
Looking at the weekly chart, after Bitcoin reached 20,000 usd, the chart has been forming a large triangle. Probably Bitcoin is now forming final wave E, and is expected to resume to uptrend eventually. This could be confirmed once the price breaks BD line and the top of wave D (which is 10,000 usd!). So, I think the next break of 10,000 usd is a quite important event if it happens.
The price has been respecting weekly 200MA (the crash to 4,000usd was a test of weekly 200MA, and it was respected nicely), so I am still bullish on bitcoin on the long-term, and keep holding.
The patience is required!
Looking at the weekly chart, after Bitcoin reached 20,000 usd, the chart has been forming a large triangle. Probably Bitcoin is now forming final wave E, and is expected to resume to uptrend eventually. This could be confirmed once the price breaks BD line and the top of wave D (which is 10,000 usd!). So, I think the next break of 10,000 usd is a quite important event if it happens.
The price has been respecting weekly 200MA (the crash to 4,000usd was a test of weekly 200MA, and it was respected nicely), so I am still bullish on bitcoin on the long-term, and keep holding.
The patience is required!
