Correction back to 9750 before the final decision on direction
Bitcoin doesn't look as though it has the clout on this trip to break the downward trend channel. Whilst it looked for a while like it was breaking out, volume pushed it back in check showing signs of bull weakness on a clear bull set-up.
My view is that we will revisit the dotted upward sloping trend of this break up (around 9750) to retest. A convincing retest and rejection there should give enough pressure to move north again and break the channel. A cut through at 9750 level will likely lead to falls back down the channel. I wouldn't be calling doom there yet though (4800). Anything around 6400 to 6800 would create a great HL bull set-up. That's all a long way off for the moment, my eyes on 9750.
My view is that we will revisit the dotted upward sloping trend of this break up (around 9750) to retest. A convincing retest and rejection there should give enough pressure to move north again and break the channel. A cut through at 9750 level will likely lead to falls back down the channel. I wouldn't be calling doom there yet though (4800). Anything around 6400 to 6800 would create a great HL bull set-up. That's all a long way off for the moment, my eyes on 9750.
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