Sirwin
Sirwin

Bitcoin approaching long-term downtrend again


Bitcoin had a very nice recovery from the lows we have seen on Sunday the 5th and it's now fast approaching the long-term downtrend line.

If we look at the 4 hour chart, we can see we are getting near the yellow line. This is a very important level we last reached back in June on the 23rd.

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If we move to the 1 hour chart, we can clearly see we were supported by the bottom green line and we are now in an uptrend and bouncing off the short-term uptrend light blue line I've first introduced in my chart on the 1st of June.

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Where are we header from here will depend on the strength of this uptrend, I'm expecting the price to retrace back to the $9250-$9290 level before continuing the uptrend to the yellow line.

I give it another couple of days before this will be much clearer in the chart.

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