Where do we go from here? Well, it appears Bitcoin is looking to break out of its downward channel potentially signaling a Christmas Bitcoin bull run. For this to happen we would need to observe a high volume break to the upside above the resistance trend point line. However, if we do not observe this move to the upside, I expect more pain in the short term for Bitcoin until it can find strong support levels to bounce off of. Possible bounce off of 44k support or even lower at around 37.5k.
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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.