As I predicted at previous post, BTC price was dropped about at $7000. And the decline that occurred in this time was deeper than I thought. Most investors are now will be thinking about the collapse of BTC. However, it is difficult for me to predict collapse yet. We still have one last chance to riseup.
[DATA: BTCUSD 1day, EMA(200), EMA(400), virtual need supported line(reference EMA(400))]
To be honest, it is true that the current market is not good. The BTC price is stands at the crossroads that can lead to a long-term decline. But, as you can see in the chart EMA(400) line is still working as a strong support line(We have already seen that the power of the EMA (400) in the last $ 6000).
In $6000, we can see there was a sharp edge that break the EMA(400) line. It means, the investors who trading in BTC had a panic cell. And it came again in current decline($6600). So I think there is still a possibility of explosive rise came after the sharp edge be finished.
In addition, as I mentioned in my previous posting, the low point of RSI (candle/day) means that there can be a lot of buying sentiment is left. If the uptrend occurs in this situation, the price can rise very rapidly.
If the uptrend starts, the price will breach the 'need supported line' in a short time and use this line as a support again.
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