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.
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.
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.
