For the moment Bitcoin broke the Bullish Trend Line support and went straight to the 8000.0 level.
For everyone who is waiting for the reversal, reviews of the main reversal scenarios:
Leaving a long shadow underneath the Bullish Trend Line and return above it would be the sweetest scenario. The breaking of the newly established Bearish Trend Line and volume growth will be needed to confirm the scenario and start buying.
The bounce off the 8000.0 level, possibly drawing a reversal figure Like Head And Shoulders with head on the 8000.0 level or Two Peaks, etc. High positive volumes will be needed to prove the reversal. Also, this scenario presumes that the price will stay in the 8000.0 - 10000.0 channel at least for couple days. The decisive factor may be rhetoric around Bitcoin regulations on the G20 summit, planned for the next week.
Fall below the 8000.0 level and testing of the previous big Low on the 6000.0 support. Such scenario could also be possible in case of bad rhetoric around Bitcoin regulation on the G20 summit.
For everyone who is waiting for the reversal, reviews of the main reversal scenarios:
Leaving a long shadow underneath the Bullish Trend Line and return above it would be the sweetest scenario. The breaking of the newly established Bearish Trend Line and volume growth will be needed to confirm the scenario and start buying.
The bounce off the 8000.0 level, possibly drawing a reversal figure Like Head And Shoulders with head on the 8000.0 level or Two Peaks, etc. High positive volumes will be needed to prove the reversal. Also, this scenario presumes that the price will stay in the 8000.0 - 10000.0 channel at least for couple days. The decisive factor may be rhetoric around Bitcoin regulations on the G20 summit, planned for the next week.
Fall below the 8000.0 level and testing of the previous big Low on the 6000.0 support. Such scenario could also be possible in case of bad rhetoric around Bitcoin regulation on the G20 summit.
