Hello friends, given recent price action, bitcoin failed to actually touch the longer-term trend line below although it reached that level and rebounded nicely. It has also shown that it is still in an uptrend by failing to retrace lower than 50% of the previous upward cycle. Given the fact that sentiment is quite bearish, I think there's a good possibility for a break up and nice uptrend soon. If you want to play it safe, set a buy stop above the recent highs.
Note
Obviously a break upwards did not occur. The good news is losses should not have been incurred since the buy stop would not have been triggered.
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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.