The situation does not favor the bulls. Globally, the Triangle reversal shape is being formed with horizontal support, which is a signal of increasing pressure from the sellers and that buyers are unable to fight back (the waves of growth become smaller and smaller).
In the event of a breakthrough of the level of $9000, it is very likely for us to see a decline with the target at the region of $8000 - $7000. But there is still a chance for growth. The current price is $10400, and in order to resume the global trend, the price needs to break the shape, break through the level of $11000, and fix above the one. Currently this is not impossible, because the price is located rather close.
By the way, I've mentioned important MA levels that can stop the dump. You can use them as targets in case you will decide to open SHORT position.
In the event of a breakthrough of the level of $9000, it is very likely for us to see a decline with the target at the region of $8000 - $7000. But there is still a chance for growth. The current price is $10400, and in order to resume the global trend, the price needs to break the shape, break through the level of $11000, and fix above the one. Currently this is not impossible, because the price is located rather close.
By the way, I've mentioned important MA levels that can stop the dump. You can use them as targets in case you will decide to open SHORT position.
