Looking at the yellow converging trend lines, we might be reaching a crunch point soon.
Bitcoin looks set to have another go at breaking the declining trend line before long, but even if it breaks upwards there can still be the possibility of a deeper decline as marked by the red ABC.
Trading volume is still strong, and if we see a spike as strong as we did at the $6k bottom to push out of the current downward trend, then perhaps Bitcoin will have enough momentum to take the green impulse path to challenge the all time high.
I will be looking closely at the volume of any upward moves
Bitcoin looks set to have another go at breaking the declining trend line before long, but even if it breaks upwards there can still be the possibility of a deeper decline as marked by the red ABC.
Trading volume is still strong, and if we see a spike as strong as we did at the $6k bottom to push out of the current downward trend, then perhaps Bitcoin will have enough momentum to take the green impulse path to challenge the all time high.
I will be looking closely at the volume of any upward moves
Note
almost certainly invalidated, trend line has been broken - down we go?
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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.