Fellow traders, I am posting a simple chart to show the current scenario for Bitcoin to be bullish.
- Bitcoin is bearish until it breaks trendline resistance #1 and resistance #2.
Trendline Resistance #2 is the bigger one. Once resistance at trendline #2 is broken, Bitcoin will make new All time high. If Bitcoin breaks trendline resistance #2, it will make 100k new all time high pretty soon. See my analysis here for Bitcoin's price targets once it becomes bullish again :
- Bitcoin is bearish until it breaks trendline resistance #1 and resistance #2.
Trendline Resistance #2 is the bigger one. Once resistance at trendline #2 is broken, Bitcoin will make new All time high. If Bitcoin breaks trendline resistance #2, it will make 100k new all time high pretty soon. See my analysis here for Bitcoin's price targets once it becomes bullish again :
Note
Bitcoin is still bearish as there is no volume while taking out the second resistance.
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Related publications
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.