BTC has proven itself to be respecting the trendline as shown by Highlighted regions on chart, we have seen this trendline to act as Support or Resistance from time to time and have also witnessed a historical crash when BTC broke this trendline downward and retested it as resistance.
Current situation is similar to that. We have broken down of trendline and are going towards retesting it. If the retest is successful, we might see history repeating itself.
One of the factor to be considered while predicting the price of Bitcoin is this trendline. We will have to close above this trendline and retest as support to be bullish once again and see a huge increase in price possibly. Otherwise we can see history repeating itself once again.
Current situation is similar to that. We have broken down of trendline and are going towards retesting it. If the retest is successful, we might see history repeating itself.
One of the factor to be considered while predicting the price of Bitcoin is this trendline. We will have to close above this trendline and retest as support to be bullish once again and see a huge increase in price possibly. Otherwise we can see history repeating itself once again.
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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.
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.