BTCUSD - Bullish short-term strategy and mid-term outlook
BTC dropped sharply as expected. A weekly low of 7600 USD has been set.
The bounce found resistance below the 8200 USD level, pulled back an confirmed its short-term support at 7750 USD.
A move above the 8200 USD could trigger a short term bullish continuation to the 9000 USD and 9200 USD levels.
Regarding Bitcoins bottom behavior, it is fairly commom that a double bottom (or double top) with a bearish (or bullish) fake out triggers a solid move in the opposite direction.
That's why I expect the 9200 USD resistance to hold, eventually throwing back BTC to the current support levels and ultimately setting a new low in a flash crash.
In this process the long term trend might be tested and taken as visual guide for upcoming strategic decisions (grey line below)
The bounce found resistance below the 8200 USD level, pulled back an confirmed its short-term support at 7750 USD.
A move above the 8200 USD could trigger a short term bullish continuation to the 9000 USD and 9200 USD levels.
Regarding Bitcoins bottom behavior, it is fairly commom that a double bottom (or double top) with a bearish (or bullish) fake out triggers a solid move in the opposite direction.
That's why I expect the 9200 USD resistance to hold, eventually throwing back BTC to the current support levels and ultimately setting a new low in a flash crash.
In this process the long term trend might be tested and taken as visual guide for upcoming strategic decisions (grey line below)
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Well, I think we can forget this :D
