SUMMARY
The weekend provided Bitcoin with a positive bullish movement back towards the expected reversal area of $7,800. After the huge market manipulations we saw over the previous week, i believe we could still see a potential reversal back towards the $6,000 region before the bullish run begins.
Bitcoin price rose 1.79% overnight, outlining the hope manipulators have created inside investors minds to invest after manipulating the market into believing that this bear run is finally over. although we still could see prices rise another $150 in a short space of time, the area of $7,800 could prove a major turning point in this believed bull run.
I believe it could be very smart to sit on the sidelines of this market until we see how price reacts around the $7,800 area. Price could explode right through but it could also find strong resistance and plummet, its a waiting game until then!
Will price push through the $7,800 region? Leave your thoughts in the comments!
I agree I am expecting a further plunge back down , BUT... if it does breakthrough th edownward trendlind and finish the day (monday) around 7,800, I most likely be moving back into to bitcoin, but in the meantime I'm keeping my short position ;-p
Exactly right! Im currently in a tiny short position but will close with a clear break of the $7,800 region. Just waiting to see how price reacts to the new week.