A new day, a new system. BTCUSD is on a crucial crossroad (B???). Today, the decision is up about the end of the major downtrend.
is 8163. Below the , there is a scenario, above a one. Fluctuating around means an undecided scenario and a sideways movement.
If the price of Bitcoin has enough upwards momentum, it might cross the brown dashed (B???). If it can break that sustainably, the major downtrend ends. WARNING: Crossing that could be a bull trap. Wait with investing into Bitcoin until you are sure about the sustainability of the new trend. A new trend can be either a new uptrend or a sideways trend.
- For the first time since December 17, 2017, a down move did not reach its target (A). This down move just had not enough momentum.
- The current price of Bitcoin is above the . This is a scenario.
- The resistance R1 and the brown dashed are close together. It will not be easy to cross this double resistance.
- The major downtrend did not yet reach its target. The target is 2403.
I expect a heavy battle between bulls and bears at this extremely important level. If BTCUSD remains below the brown dashed , the major downtrend will take over again and the next targets will be 7040 and 5511.
a) Continuation of the major downtrend above the brown dashed trendline.
b) Establishing a new sideways trend.
c) Establishing a new major uptrend.
Good luck with your trades.