BTC breakout of trendline... Finally! Trendline break confirmed
Updated
Hi everyone,
The upcoming 24 hours will be a crucial decision making point for bitcoin whether it wants to confirm this as a proper support channel or if it wants to tumble back down to make new lows.
As you can see, we finally have BTC breaking out of that purple downtrend line. This is good because it technically confirmed that trendline as support and is looking to move onto it's next resistance level (previous high at 11.8k) drawn with another diagonal purple trend line. A breakout above this trendline at the neckline of the previous inverse head and shoulders, would be an extremely bullish signal and would send us to heavy resistance at the .5 retracement (around 12.8k).
A different scenario would be for us to bounce back down off of that circled part of the trendline and possibly create new lows
The upcoming 24 hours will be a crucial decision making point for bitcoin whether it wants to confirm this as a proper support channel or if it wants to tumble back down to make new lows.
As you can see, we finally have BTC breaking out of that purple downtrend line. This is good because it technically confirmed that trendline as support and is looking to move onto it's next resistance level (previous high at 11.8k) drawn with another diagonal purple trend line. A breakout above this trendline at the neckline of the previous inverse head and shoulders, would be an extremely bullish signal and would send us to heavy resistance at the .5 retracement (around 12.8k).
A different scenario would be for us to bounce back down off of that circled part of the trendline and possibly create new lows
Note
Amid low volume levels, bitcoin has managed to confirm support at the .382 retracement. If this momentum continues, we'll see a push up to that heavy resistance at 11.8k and 12.2k (the purple trendline with the red circle).Everyone have a good weekend!
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