Bitcoin at critical moment
This short term downtrend is either going to reverse and the uptrend resumes, or price gets rejected between 10,900 USD and 11,200 USD and gets pushed below 10,000 USD.
The ADX indicator (which tells us about the strength of the trend) is telling us the current down trend we've been since August 19 is really weak and could potentially reverse.
The fact that support between 9,800 and 10,500 USD has held well several times and that we're been forming higher lows and higher highs also is hinting at a break to the upside.
I am still bullish until proven wrong, but I'm going to set some stop orders to protect my gains in case I'm wrong.
The ADX indicator (which tells us about the strength of the trend) is telling us the current down trend we've been since August 19 is really weak and could potentially reverse.
The fact that support between 9,800 and 10,500 USD has held well several times and that we're been forming higher lows and higher highs also is hinting at a break to the upside.
I am still bullish until proven wrong, but I'm going to set some stop orders to protect my gains in case I'm wrong.
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