Bitcoin Update...Are the Bulls Back?

I've been saying for 3 days that Bitcoin is setting up for a big move up or down. I've shown you the descending triangle on the 4 hr chart as well as the MACD. Both signaled a big move was coming as bitcoin moved closer to the apex.

Today, bitcoin jumped almost $1,200 to around $8,000. It then corrected back to $7,680...still a very significant gain for the day. I know many people are excited, as they should be. That said, be aware that bitcoin MUST remain above the resistance line of the descending triangle in order to remain bullish. Right now, it only penetrated that line by a small wick, and then immediately was pushed back down below the resistance. This can be a sign of a "bull trap". In other words, the bears are fighting VERY hard to remain in control.

We can see a strong ascending support line along the RSI. As long as this support line remains in tack, I believe bitcoin has a strong chance of breaking out of the descending triangle. If that support line breaks, we may see a major drop. In order to confirm an uptrend, we MUST see bitcoin close ABOVE the descending triangle's resistance line on at least the 4 hour chart.

I hope this has been helpful. If you enjoyed this article, please let me know by following me and clicking the up-vote tab below. If you didn’t enjoy this article, let me know how I can improve and earn your vote in the future.

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Disclaimer: I am NOT a financial advisor and this is NOT financial advice. Please always do your own research and invest responsibly.

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