As I have pointed out in my previous post about the Road to the Moon for Bitcoin, we are currently facing numerous resistance zones while we try breaking above previous highs to go back bullish.
As you can see from the chart above, we are very close to the falling trendline from which we had dropped numerous in the past, with the most recent one being a couple of days ago when this falling trendline co-incided with the horizontal resistance around the $9000 mark.
We may see price touching this falliing trendline around the $8500 region today from where we could see a drop towards the $7500 zones. Sticking to my previous view, we are still very weak as the volumes to breakout are much lesser than the amount of volumes we had when we broke down.
A drop again will allow more people to enter into long positions which they couldn't take earlier due to several reasons & also could be a profit booking zone for the new shorts that have been created recently along the $9000 resistance mark. We will have to watch the price action and see how it goes.
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