BTC Break of downtrend but much resistance up ahead

2017年12月26日

BTC has broken out of the downtrend but an ABC correction is still very plausible. The main area to watch will be 16,800-17,000. If this area is not broken through with strong volume, then it is very likely BTC will continue to consolidate and possibly drop down to retest the low of 11,000. If it breaks below 10,000 then 8,000 is very much in play. A strong bounce off 8,000 is warranted, but if this does not happen and breaks below 8K the bullish uptrend will have been broken. Making me bearish on BTC