Will BTC/USD move into a continued bearish trend or break out? We could potentially find out soon. Anything below $12500 could see BTC/USD fall into the fear stage in a market cycle. If BTC/USD bounces of the bottom resistance line prior momentum would suggest it would retest the highest resistance line.
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I was really undecided on BTC, my gut was telling me the market was overbought. However being new to trading I was hearing more experienced traders saying it's going to break anytime. Anyway looks like the worst is over, with the potential for a little more volatility as the asian markets go to bed. I'm bullish on BTC for the foreseeable future now as it prepares for it's next market cycle. With the caveat that I'm still treading lightly until we get into key support areas. The potential for a drop to the 8k area is still possible at the moment.