If we are to break this downtrend we need some serious confirmation. Looking at previous data it seems plausible that a $350ish - $300ish would be a range for the bulls to take in order to convince the market of a reversal.
Failure to breakout could result in some serious dumping, tread careful.
Failure to breakout could result in some serious dumping, tread careful.
Note
Almost three years later, and this channel still holds true. Now that we have more data, here is a little updated line work:
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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.