Back in September, I wrote a post suggesting that Bitcoin could find support at the 55 weekly EMA and head toward five figures or break these support levels and head lower.
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Well, it looks like we've broken the 55 weekly EMA and 100 MA and reached 6500$. From a technical point of view, we've bounced exactly at the 'golden pocket', at the 0.618 - 0.65 Fibonacci retracement from our recent lowest low.
Despite the current 15% bullish candle, I want to be the bear breaking the bull-party. I still can see the price reaching the 200 weekly ascending MA (grey), which is our most important support level (5000-5500$, as stated two months ago). The RSI is currently at the strong March-October support level, but still has room to go downwards to revisit to lower reference line or even the oversold area. I believe that reaching the 200w MA will align with the RSI reaching the lower reference line. So that could be IMO a strong entry level for a BTC long position.
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At the other hand, if the 6500$ support holds, we could see a further sideways movement and perhaps even end the year above 10k. But I'd rather go for the 200 MA scheme because sooner or later we will reach it again.