BitcoinLong
Bitcoin Broke Out of Its Descending Resistance Line
Price broke out of its descending resistance-turned-support line where we see it rising to its resistance at 7708 (50% Fibonacci retracement, 23.6% Fibonacci retracement, horizontal overlap resistance). We do have to be cautious of the intermediate resistance identified at 7479 (38.2% Fibonacci retracement, horizontal overlap resistance).
RSI (89) shows a corresponding bullish breakout from its descending resistance line which contributes to our bullish bias.
RSI (89) shows a corresponding bullish breakout from its descending resistance line which contributes to our bullish bias.
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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.