I was looking to see where BTC might be heading in the next few days if it loses buying strength. With the ascending channel it has been forming and support around 10500, it is quite possible we may test this level before resuming the up trend.
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BTC is finding some impulse off the 20 EMA, let see where it takes us?
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BTC broke the upward trend line shown above, to fall to the daily .618 fib line where it has found support around 8000. There is a tug of war now between the bulls and bears which the bears have been recently wining with the bad press giving them added edge. (some of which seems to be carefully timed for maximum effect) Taking this into account I agree with some of the other traders, the bears are not having it all their own way with BTC holding its ground before one large sell by a BTC trader yesterday. This does to show the overall picture though and we will see what long term effect it has in the next week or so. Also to bear in mind, the G20 summit is covering the cryptocurrency market which is an unknown variable. As a side note the 200SMA was crossed previously (recently) so the fact that it has crossed again to me means it is not make or break for BTC and can easily cross back.