Bitcoin has fared well after hitting 7200, the lower trendline, and bouncing off of it and hitting highs of 8683 today. 7200 was also a very significant level since it was the trendline that held the log support line on the yearly chart for Bitcoin.
The price did not breach below this level, which is a great sign since breaching this support would indicate a bear market.
Bitcoin also has recently completed the B wave of the correction by hitting C, which is again 7200. The price is now bouncing off of C and is sitting at 8565, D.
This is a very crucial time for the state of Bitcoin. I want to see this upper trendline broken, and for confirmation of a short-term bullish uptrend Bitcoin needs to get past the 2 EMAs around the lower 9000s and break 10000.
Otherwise, a failure to do this may signal the E wave of the correction, or even worse, the log support would be broken and a bear market would be imminent if enough weak hands come through and drive the price down.
Disclaimer: (I am not a financial advisor, do your own due diligence when investing in cryptocurrencies. This is just my speculative opinion.)
