🔥 Bitcoin Bulls Being Tested: Fight For Short-Term Trend
Updated
Bitcoin has been gradually trading upwards since the huge move late October. As seen on this chart, BTC has continuously making higher-lows alongside the purple dotted support line.
As of earlier today, BTC hit the support again and saw a bounce from the lows. However, as long as we're below the yellow dotted resistance there might be a higher probability for bears to push through and take the price below the purple support area.
Statistically, bulls have the overhand here. However, be watchful once we get a higher-timeframe close below the purple support area. Longer-term, the price action still is very bullish, but we might get a couple of bearish moments on our way up.
As of earlier today, BTC hit the support again and saw a bounce from the lows. However, as long as we're below the yellow dotted resistance there might be a higher probability for bears to push through and take the price below the purple support area.
Statistically, bulls have the overhand here. However, be watchful once we get a higher-timeframe close below the purple support area. Longer-term, the price action still is very bullish, but we might get a couple of bearish moments on our way up.
Note
🎯Note
New break out attempt. A daily close above 35.5k would be very bullish.
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