BITCOIN Following Lower Trend Line To Test $4,356
As predicted earlier, BTC found support along the lower upward trend line support which has provided the bulls with some footing to push upward.
We see BTC on the brink of touching the resistance level at $4,356. If bulls can maintain momentum and find volume to break this level, we'll see further upside. If bulls can't find enough power to hammer through this resistance level, we'll be seeing some downside pullback along the red arrow to test $4,242 and then to $4,131.
Resistance to the upside after the $4,356 level is $4,470.
Volume on the 4-Hr chart has been falling, so I think this is a sign that's favoring the bears for now. The shorter time frame charts are showing some increasing bear pressure and some reversal candlesticks.
Should we see strong pressure down and a bounce off of resistance, that will be essentially be confirming a bearish head and shoulders reversal pattern, so this is something to be watching and something to be aware of.