Bitcoin's long term trend is still very strong and the intra-day time frame shows an opportunity
Bitcoin had another roller coaster week, it made a high of $14,000 approx and after touching that level, it dropped more than 1500 dollars in just a few minutes. It is trading at 11,608 at the time of writing this article. Nevertheless, the daily time frame and the weekly time frame are both strong, and it is highly likely that this bull run is going to continue as long as the price stays above the 50-day moving average on a daily time frame.
As for the intra-day price action, the price is challenging its downward trend line which is also near the 100-day moving average. What we do not want to see is the 50-day moving average, shown in pink, falling below the 100-day moving average. This would send a bearish signal. So, traders need to keep a close eye on the RSI, and as long as the RSI stays above the upward trend line, bulls still have chance to score more gains on a daily time frame.
Minor support zone is shown in dotted green horizontal line.
Major support zone is shown in solid green horizontal line.
Minor resistance zone is shown in dotted red horizontal line.
Major resistance zone is shown in solid red horizontal line.