After a breakout below the lower supportive trend line, bitcoin failed to breakout below 5911.46. and is still pretty much above this line, unless there’s a clear breakout below this level, I’m waiting for a clear rebound from this level to pick a long position with an ultimate target at 12,733.80. If you’re not long already, you could wait for pullbacks to pick long term long positions. In case of a break below 5911.46, then this will be an ideal place to look for long term short positions with an ultimate target at 5000.00 or even lower.
As long as the price is above 5911.46, expect a rally upwards
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