Long-Term Signals Suggest Bullish Bounce for BTC

After several weeks of heavy selling, BTC markets may experience a bullish move in coming days according to many technical signals. However according to the short term indications, BTC is testing a critical area.The Bitcoin price is at support at just above $7,000 after losing approximately %65 percent of its value from the all time high ($20,000).

On the weekly chart we can clearly see the current price action testing a strong support starting from September 2017. If it does not brake the support, we might be seeing a major uptrend continue.

Testing a critical area

Bitcoin price appears to have dropped just below the immediate ascending trendline form the local low of $7,000 in addition to the descending trendline from $12,000 that is broken today. If the $7K support gets broken, it can go down to retracement area of approx. $5K – $6K.

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