We have seen Bitcoin making a decent move to the upside, yesterday we were discussing Bitcoin being held down by the short-term downtrend from the purple line.
As we have seen that barrier has been smashed, and we are now at a major level. This is a long-term downtrend, indicated by the yellow line, that started back in December 2017 when we have seen the all-time high for Bitcoin. To show it, I have to switch to the weekly chart.
As you can see, we touched this level multiple times over the past few years. Although, recently we have been hovering at this level for the past 8 weekly candles and this is one of the reason I'm bullish long term on Bitcoin.
We are spending a log time here and I think it's just a matter of weeks before we breach through.
Now, let's zoom in a little and have a look at what movements we could see in the short-term.
As you can see from the chart above, we are squeezing between the light blue uptrend and the major yellow downtrend, i'm expecting a move in the next 3 hours.
A possibility is that we are going down to retest the purple short-term downtrend and hopefully be held by it and bounce back up.
A more bullish scenario is that we breach through the major yellow downtrend to see the price finally going over $10,000 for good.
Whatever the case may be, we will know soon enough.
