I have stated in my previous posts that if bitcoin drops below 12500, that 11k would be the next target. but now we have the question to ask ourselves, will it keep going lower from this point on? This is a hard question, and one that there is no certain answer too. However, If we open the log chart. We can see that this is a strong support area for bitcoin to continue it's upward trend. It can be supported by the blue 100 day line MA as-well. As we have seen in the past, bitcoin has bounced back up from this point before. Should we bet against bitcoin at a such a strong reversal? I think not! It is very scary to be putting money at this point in time, but if you believe in the technology, bitcoin will continue it's rise until it's massively massively adopted, and this is just a small setback for the time being.
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We have kept above the blue 100 day MA as well as the uptrend line. It is very important we keep above this uptrend line if we wish to see bitcoin continue to boom as fast as it was in 2017. We are looking to get pass this 12600 resistance and get above the green 50 day MA. That's when I'll feel like we have a good chance of going back to new highs. Right now, we are waiting to see if bitcoin can continue going up. The RSI, ADX, and MACD all started pointing upwards. That does not mean bitcoin will continue to go up, but it's a good sign that it might. We are not out of the waters by any means, and a drop back to 10k and possibly even to 8k is still possible.
