Breaking out of the downward channel (Bitcoin)
Updated
Bitcoin is on the path to breakout of the downward channel. A upward trend line of support (in_gold) has been formed and will likely be followed in order for bitcoin to break through the 12200 resistance point.
By following this trend line within the next few days bitcoin will breakout of the strong downward channel that has been forcing bitcoin downwards for over a month now. This is a very important point as it will allow for bitcoin to once again rise across the year.
It is very likely that we do breakout of the downward channel as the next significant resistance point is above the downward channel 12200. As bitcoin rises the market will follow accordingly.
By following this trend line within the next few days bitcoin will breakout of the strong downward channel that has been forcing bitcoin downwards for over a month now. This is a very important point as it will allow for bitcoin to once again rise across the year.
It is very likely that we do breakout of the downward channel as the next significant resistance point is above the downward channel 12200. As bitcoin rises the market will follow accordingly.
Comment
We are very close to the breakout zone. If we do close the 1D candle above the downward channel I can see us having a huge run up to the 12200 resistance point.
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