Bitcoin Price Tested Again to Break Up Downtrend Line
There was downtrend line on Bitcoin price chart coming from all time high. Bitcoin tested 3 times to break up this downtrend line. This is 4th time for trying to break up this downtrend line. When we see breaking up on this downtrend line, Bitcoin price may enter mega bullish season.
Here you can see daily chart of Bitcoin price. Bitcoin price was going up slowly by supporting uptrend line. Bitcoin ğrice got big green candle yesterday and met with this downtrend line. We should see breaking up of this downtrend line to be certain that we are in mega bullish season.
Here you can see the indicators on daily chart of Bitcoin price. There is also great downtrend line on RSI Indicator. We should see breaking up on this indicator. There was mini downtrend line on Fisher Indicator. It is so possible to see breaking up in Fisher Indicator. RSI Indicator is more important than Fisher Indicator. We should see breaking up on both of them.
MACD Indicator is also trying to reverse up. When we see breaking up on these indicator, MACD Indicator will reverse up. These are bullish scenarios. If not, we will see reversing down from great downtrend line coming from all time high.
We are at decision days for Bitcoin. We will enter mega bullish season or we will enter price correction again.
We will see what will happen..
@chorock, fantastic technical analysis on Bitcoin! I appreciate how you've clearly highlighted the key downtrend line and the significance of this fourth attempt to break through. The way you've incorporated the RSI, Fisher, and MACD indicators provides a comprehensive view of the potential bullish scenarios.
The visuals are spot-on, making it easy to understand the critical levels and potential breakout points. This post is a great example of using technical analysis to gauge market sentiment. What are your thoughts on the volume needed to confirm this breakout? I'm eager to hear other community members' perspectives on this critical juncture for Bitcoin. Let's discuss!