With Bitcoin still trading just below the $8000 level, it's an uncertain time for this new rally. Some traders on crypto Twitter have given their thoughts on where they think the top crypto may be heading next.
Trader @SatoshiFlipper suggests that this current lull is a perfect time to buy, criticizing those bearish investors who are still waiting on lower lows. The trader believes that another test of the $8.2k resistance could well be on the way. This new resistance level was formed after a gradual climb up towards $8.7k over the past few weeks was followed by a rapid surge past $9k and then a major dip, just over a week ago.
@TraderX0X0 took a longer-term view of the BTC chart, pointing out that the 100-day exponential moving average is yet to be tested in this current rally, and comparing this with the way the last major bull run played out. The suggestion seems to be that the momentum isn't there just yet for the rally to fully kick into gear.
7 = number of times BTC tested the 100-EMA during the last bull trend...
In this current trend price has yet to retest the 100EMA
As mentioned in previous posts (search timeline).... Price often retests the weekly 21 EMA/MA during a bull trend
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@Josh_Rager also believes that BTC is likely to keep trending sideways for the time being, although he suggests that a failure to close trading above the $8k mark is likely to lead to a downtrend in the near future.
$BTC Update
Sitting at horizontal support and mid-channel support
Still trending down in the channel, a break above $8200 would be nice for weekly close Sunday night
If Bitcoin closes under $8000 I see downward continuation this coming week, IMO
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