BTCUSD is forming a bearish descending triangle pattern, which will complete on a breakdown of the $6425 levels. Such an event will turn out to be hugely bearish for BTC.
However, with the 50-day SMA flat and the 20-day EMA falling marginally, the immediate support of $7760 should hold. If it does, a move back to $10,000 is likely. A break out above $10,000 will invalidate the bearish pattern. A failure of a bearish pattern is a bullish sign. Therefore, above $10,000 a rally to $12,000 should be on the cards.
It is better to wait for the supports at $7760 to show ample buying before entering a long position in Bitcoin.
However, with the 50-day SMA flat and the 20-day EMA falling marginally, the immediate support of $7760 should hold. If it does, a move back to $10,000 is likely. A break out above $10,000 will invalidate the bearish pattern. A failure of a bearish pattern is a bullish sign. Therefore, above $10,000 a rally to $12,000 should be on the cards.
It is better to wait for the supports at $7760 to show ample buying before entering a long position in Bitcoin.