BTC appeared to bounce off the resistance line that has persisted since last year and started up upward trend in the established channel. Recent movement suggests it will either bounce off the bottom of the channel and continue up or break through the channel and head lower to 10000 or 8000 resistance levels.
BTC has consistently bounced off (or only passed slightly below) the 50 day moving average. This suggest BTC is likely to bounce again and remain in the upward channel.
BTC may form a double bottom as it transitions from the decreasing trend to the increasing trend. If it does form a double bottom, it may present the lowest prices of BTC we will see in a very long time . . .
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See trend reversal and further discussion of the long term trend/channel and double bottom prediction here.
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And long term trend on daily chart here
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Maybe establishing a new trend after bouncing around at 12500-13000 resistance. It will be clearer if we can push through the 14000-14300 resistance.
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Possible that the channel is getting defined, still need to move through the resistance around 14000 to clarify the trend. May take a day or two to know for sure, because any resistance at 14000 could be a continuation of an overall downward trend to 11000 or reaching the upper limit of the channel.