The good news is that BTC seems to be moving back into the ascending channel, how high do you think this round of uptrend will bring BTC to? Please feel free to share your predictions here.
As usual, I have an original analysis from a Chinese analyst Kuang Ren, maybe we can discuss further about his analysis:
After the digestion process, BTC started a large-range rally last night. Currently, price remains above MA 5, indicating that the overall downtrend has come to an end. Nevertheless, remaining above MA 5 can only be seen as a part of the oscillating move but not a symbol for a continuous uptrend.
You can see the daily-level box pattern as marked, resistance at $16,500 acts as the upper limit, $12,000, which recently repelled several attempts to cross the support level by bears. Formation of the double bottom pattern depends on whether BTC price can break the resistance at $16,500 with
increasing volumes or not. Judging by the price move today, volumes are shrinking severely and lack the momentum for a continuous uptrend. At current position, price may mainly move in an oscillating way. Do Not be too aggressive and chase high.
Original by Kuang Ren, translated and posted by AICoin Jami.
Track the real-time price information here:
https://www.aicoin.net.cn/chart/D331D4E2
