Bitcoin bulls, its test time- this resistance/trendline has kept Bitcoin down for two months.
We are approaching the end of the pattern and while I expect a break to the upside, its not a guarantee of course. Historical patterns suggest we have a little more downside before breakout but its not unreasonable to see a breakout here, especially given the massive outflows recently.
Watch this "bear last defense" zone between $43.8k and $45.3k. This is where bears will make a stand, hoping to deny bulls a continued uptrend and breakout.
A rejection here will probably see price drop, but I expect bulls to keep some pressure on the market meaning we will probably ride that trendline down until bulls consolidate for another rally in the near future.
We are approaching the end of the pattern and while I expect a break to the upside, its not a guarantee of course. Historical patterns suggest we have a little more downside before breakout but its not unreasonable to see a breakout here, especially given the massive outflows recently.
Watch this "bear last defense" zone between $43.8k and $45.3k. This is where bears will make a stand, hoping to deny bulls a continued uptrend and breakout.
A rejection here will probably see price drop, but I expect bulls to keep some pressure on the market meaning we will probably ride that trendline down until bulls consolidate for another rally in the near future.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.