what does the new update mean??
The 1-day chart shows a falling (bullish) wedge. I mentioned it here:
A trading friend of mine (who generally leans permabear) is partial to this bullish wedge:
The wedge has now broken upwards. Masterluc says, "Bpoдe клин cpaбoтaл!" which means, "It seems the wedge worked!" So we should trend upwards for a while.
I would like to see an update to this chart: https://www.tradingview.com/x/PjYa65fU/
It's not obvious to me (because another three weeks have passed since he posted that) whether we failed the mid-line or not. But I take Masterluc's words (and the strong bounce off the 1-week 50MA) to mean that we are bullish for the foreseeable future.
I suspect we will have another round of despair in a few months, but for now, everything looks bullish. We are likely to re-test the lower $7,000s but I would be extremely surprised if bears are allowed below $7,000 again. Lots of trapped shorts still to be squeezed.