BTC to go into another bearish cycle

Since the 15% spike last week that shook out many short positions (14000 BTC got liquidated in 5min) bullish thoughts have startied to come back to the market.

Many traders here on TV suggest we already broke the downtrend - which is clearly NOT the case when you look at the big picture on the logarithmic scale. We'd have to break and stay well above 9k at the moment to finally be able to break the longterm-trend.

Since sochastic RSI shows overbought characteristics on the daily chart and volatility is dropping, I expect a bearish pattern for the coming days until new bulls will enter the market in the next dip.

Be careful to open new positions as the trend is still undecided. Have a happy and successful week :)