BTCUSD update

BTCUSD update

After SLKB (1), the market got a bullish technical impulse. The price achieved minor top here (2). And it was a perfect for bears to resume further decline. But what we got instead?

Just a small penetration of previous low. Another SLKB (4).

So, what is the conclusion from a new episode on chart?

Bears failed. After testing of breakdown (3) and SLKT (2), sellers had a great opportunity to reach the new low ground in point (4). However, this attempt turned into SLKB under 8600 level.

Taking into consideration the described facts, we have to expect attempt of bulls. As buyers should try to make benefits from failed bearish attempt. 8600 confirmed its support role.

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