BTCUSD - Back up we go!

As predicted in my last post bitcoin has not been successful breaking the support level which has been standing since last year. The price of bitcoin had managed to bounce and looks like now it is on its way up, the way the price has rejected the support may suggest we see further rises in this pair over the coming weeks. This would mainly depend on news as there has been a lot of negative news around cryptocurrencies. There is still a chance that the price may fall and test the support level once again but this could only be figured out over time. This is mainly due to the RSI being very close to oversold just as the price managed to get a little out of the support zone.