The major bearish trend is intact. RSI is the only indicator that has broken that trend. I am Long from the support, but keep in mind that the trend is intact and bearish. The secondary trend has been bullish for the past few days yes, but it remains to be seen if this is the start of a true reversal, or just a secondary trend within the major trend.
Look at the trends on the indicators. We are not out of the bear trend yet. The RSI did break out, with is a good sign, but the price peaks and RSI are showing hidden bearish divergence (pink lines). So price needs to close above the 7500 level to remain bullish. We are on a bearish reversal 9 on the TD (unclosed though), turning down before resistance on the OBV and CMF, and the RSI is coming back down to test its trend break. None of the long term indicators have turned bullish overall. I am holding onto my long position from the 7k area and plan to add to it if price action can hold above 7400-7500. This is the area where many will be shorting, and from the looks of it that may be the safer bet. If I was shorting, Do it on the bearish close of this daily, the failure at the 4hr Tenkan. Not really expecting BTC to break 7400 yet.
Look at the trends on the indicators. We are not out of the bear trend yet. The RSI did break out, with is a good sign, but the price peaks and RSI are showing hidden bearish divergence (pink lines). So price needs to close above the 7500 level to remain bullish. We are on a bearish reversal 9 on the TD (unclosed though), turning down before resistance on the OBV and CMF, and the RSI is coming back down to test its trend break. None of the long term indicators have turned bullish overall. I am holding onto my long position from the 7k area and plan to add to it if price action can hold above 7400-7500. This is the area where many will be shorting, and from the looks of it that may be the safer bet. If I was shorting, Do it on the bearish close of this daily, the failure at the 4hr Tenkan. Not really expecting BTC to break 7400 yet.