Bitcoin bulls having another shot at trend-line resistance - breakout imminent?
Bitcoin is currently up on the day and bulls are actively testing the falling trend-line from December 2017:
This is the third test in ten days and I don't think the ol' girl can last much longer. A breach of the trend-line would signal the recent down-trend is over and open up the path to resistance in the 11400-12200 zone - this is where we were rejected on the first test ten days ago. I don't expect the trend-line to last the night, but that zone could well lead to further consolidation.
Either way, I'm pretty happy with short-term price action lately: the second rejection from the trend-line was very shallow and pair soon found it's feet again. 9280 is key and I remain bullish above there, with a break lower invalidating that bias.
Yes, this is good looking short term price action! Tomorrow being Friday could help move the market one way or another sooner rather than later! Let’s grt this thing cranking to higher highs or amazing discounts! Thanks for the post!
And what you think about the huge reversed head and shoulders that is forming on a bigger time frame?
I beleive we can have an accumulation movement until we arrive at $11,700. I would not be surprised if BTC come back to $9,700 first to get strenght to continue the recoverage.
Thanks for the information...👍👍👍
That's a very good post. I really like to read it. Lots of knowledge contained therein. Thank you for giving me a very valuable lesson.
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whether the trend line will always be so and it can get worse
Thanks buddy for share this. 💜
That's great news @bulleth! I'm hoping it would break the trend-line tonight so we can finally get to 12k. I think it is really time for Bitcoin to recover and maybe get to a new height. Thanks for the update.
I hope we are not copying 2014, because there is already more investors involved so they don't want to fall too low. But check 2014 chart, its horribly similar
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