A couple of days ago I made a short-term analysis on the downtrend of Bitcoin. I argued that we'd either break-out of the downward sloping channel or that we'd fall again and find support at the bottom trend line of said channel.
It appeared that there was more bearish pressure in the market. Luckily enough, we've found strong support on the bottom of the channel and saw some huge returns today.
Now, BTC has another shot on a break out. It appears that $48,500 is holding for now, so my eyes will be on that area.
Most bullish case will be a break out of the channel, a re-test of the top trend line to confirm support and a bullish move after that.
Most bearish case will be another failure to breach the bearish channel and continue the downtrend.
Happy trading!
It appeared that there was more bearish pressure in the market. Luckily enough, we've found strong support on the bottom of the channel and saw some huge returns today.
Now, BTC has another shot on a break out. It appears that $48,500 is holding for now, so my eyes will be on that area.
Most bullish case will be a break out of the channel, a re-test of the top trend line to confirm support and a bullish move after that.
Most bearish case will be another failure to breach the bearish channel and continue the downtrend.
Happy trading!
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