Two years after BTC’s historic post US Thanksgiving surge in 2016 toward the 20K peak, BTC faces numerous hurdles to technically conclude it is resuming its longer-term uptrend. As noted below, short-term trading resistance remains at the November downtrend and 90-hour sma (7.7-8K) with a move above the far more important resistance band between 9-10K needed to signal a resumption of BTC’s longer-term uptrend.
The case for an intermediate-term low.
1. Q4 2019 trading range between 6.1-6.8K
2. Lower end of the 2H 2019 downtrend channel
3. BTC’s 2016-2019 uptrend
4. The 62% retracement of the 2H 2019 decline