Despite the blood-bath experimented yesterday, which is still on-going, we cannot say with certainty that the BEARS are back.
Corrections are always necessary in order to confirm we are not on a Bubble phase.
What we have today is a possible retest of the long-term support ascribing the enormous symmetrical triangle built since more than two years already.
Actually, there are two chances in the short term in order to maintain the Bull-Market season. First is the test of the range between 10000 and 10350 USDT which is now in process. Second is the retest of the upper line of the symmetrical triangle, inclined long term resistance that became support after its breakage by the end of July and which confined the fall of BITCOIN during its long Bear Market.
Important to remark that the 200 Daily Moving Average (200 DMA) is also pointing in that long term support and could behave as a strong ground as well for the current drop to hold.
So, we have the following:
- Hold 10000 USD
- If not, Retest of the Long term and 200 DMA supports at 9500 USD
I am more confident on the second option since RSI oscillator on the daily chart is still within the safe zone, indicating that perhaps the likelihood of this option is higher since BTC have not reached yet the "Oversold" area.
Let's cross fingers.
*Disclaimer: This is just my personal point of view, please, do your own assessment and act consequently. Neither this post nor myself is responsible of any of your profit/losses obtained as a result of this information.
