I have been waiting for this moment and it finally happened, Bitcoin made its move....to the downside. The market has been very volatile but we now have our answer.
So where are we now and where could we go from here, let's have a look at the chart.
As we can see, Bitcoin broke out the top yellow like and went up to above $10,000 but the light blue trend-line I drew a while ago stopped its rally.
Then we saw it going down being briefly held up by the dark blue trend-line, then moved down testing the top yellow line and finally dumped breaking even the bottom yellow line and exiting the uptrend.
So where we could go from here? There is the bullish and the bearish outlook, let's have a look at the bearish-one first.
The market may go briefly up and touch the bottom yellow line before dumping even further to the $8600 level, marked by the bottom amber line.
We are still dumping and the charts are changing as I'm writing the article so I apologise if things are very different by the time you read this.
The bullish angle is that we instead break up within the Yellow trend and break up again to reach the light blue line as you can see below
In other news
- Local bitcoin trading on peer-to-peer exchanges in India is growing rapidly. The interest in the country is clear as India’s national currency, the rupee, currently suffers from a yearly inflation rate of 9.66%, which is considerably greater than the rupee’s average annual inflation rate of around 4.72%
- Microsoft’s decentralized identity network ION, first announced in May is moving to beta testing as an overlay on the Bitcoin network. The project will allow users to own and control their digital identity.
