BTC / USD
Bitcoin continues to beat on the whole, but on Friday we saw a good recovery. The 7250 level seems to offer support against the US dollar, and the fact that we formed a hammer is a good sign. As you can see from the ellipse that I marked on the chart, there is a significant amount of order flow in this area. If we go below the 7250 level, the market could take place quite drastically, which is why I think it was so important that we recovered. That said, I still see a considerable amount of resistance above the trendline, so we could just bounce back and forth. If we go down below 7250, then I expect the market to come down to the 6750 bar. The alternative is to break above the 8300 level, opening the door to 9000.
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