Bitcoin has rejected previous support which was $7,800 so the trend is still bearish. It is important for Bitcoin to hold the $7,300. At the moment we are looking for a long scalp if he can find an entry in the $7,150- $7,050 range, this is an interesting long scalp zone in his opinion. Alternatively, our traders see entries in the $7,600 – $,7700 and $8,100-$8,200 as potential short scalps. We suggests taking more risk on shorts then longs at the moment.
Erik on the other hand explains that the $7,200 level is a long term buy line. He also mentions that it is still possible that bitcoin does go lower and touch the $6,200-$5,800 range. He believes that level would be a good base but also sees accumulation at the current levels. He concludes with saying that the balance of power is now going towards the long side after bitcoin having tested the lows.