After breaking below the trendline, Bitcoin found buying support at the 20-day EMA. If the bounce breaks out of the trendline, the bulls will make another attempt to rally to $10,000 levels. Our recommended long position is still live as the digital currency has not hit our stop loss at breakeven..
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If the bears defend the trendline, the BTC/USD pair will turn down and probably break below the 20-day EMA. On any decline, the $8,000 levels will act as key support. If this breaks, a retest of the $6,800 levels is possible.
We shall get a better picture in a couple of days. Until then, hold the position with the stops at breakeven..
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