The market is finally showing some bullishness but it is not enough for me to say that it is a long term reverse. After doing a bottom at 65$, just above the long term support i’ve indicated in my last update, it reacted nicely up to the resistance price zone i’ve previously forecasted, around 90$. I think that BTC/USD might reach 95$ and find strong resistance by the short term and long term VWAP, both standing there.
I’ve to add that my weekly moving average is at 97$, so it’s pretty normal a pull back up to it before resuming the downtrend. To conclude i’m remain bearish and only strong buying pressure above 95$ would convince me of the contrary.
In case of a strong break out and the come back to triple digits the first resistance is around the first deviation line of my short term VWAP, it’s located at 108$ and then at 122$ the second one. So, first a break out of 95$ and then reach 108$, subsequent pullback for a retest of 100$ and then 120$ might be the first steps for a long term reversal.