Yesterday's rally toward the upside was so amazing. with a huge move to the upside and a break out of the previous resistance around $7280. But, this upward moves doesn't change my bias for the down side push. Here I tell you the logical thinking of current bitcoin's movement in the daily chart.
1. Looking at the dynamic line first, which I use EMA 21, 34, 55, 89, and 200. The daily time frame has shown us that the EMA 21 is located under the 34, 55, 89 and 200. This is simply a pattern of down trend move.
2. Although we've seen the price has broken out of the $7280 region as the resistance, the price still has a lot of stronger resistance to be tested, 3 yellow regions are the major resistance for bitcoin to pass in the future if we want a huge rally to the upside.
3. Blue dynamic line is the EMA 55, and this EMA is moving align with the first major resistance around $8000 region.
For short term, we have a huge possibility for the price to touch the $8000 region first. If it breaks, we might see $9000 region to be tested and if not, we might see lower low pattern action just to break the multi year trend line that I've been anticipated before.
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