Bitcoin has crossed its first resistance in form of 10 days EMA on daily charts yesterday and today it is retesting its prior resistance.
Currently, Btc is at $8605 level down 2.9% from yesterday's close of $8872. It is creating higher lows and higher higher highs after hitting a low of $5700 a few days back. In that process, it has formed a Very Short Term Rising Trend, but the overall trend is still down which will only get changed when Bitcoin start trading Above $11500 level which was previous high in down channel.
Other than that volumes level is very low for quite some time. Be it in a downtrend or in a current short-term uptrend, volumes are giving a sense as people are not as interested in this cryptocurrency as before.
With that said I am signing off this little update, see you all with another update soon.
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Stable prices here could be a good thing while the market consolidates. Volumes will determine what direction we will go in the coming weeks. It seems to be a pivotal point for the medium term.
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You are right on a money my friend.
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yeah right
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