It's no secret Bitcoin has been in a long descending channel since last year. Bitcoin has hit support and resistance so many times that this trend is as real as a heart attack. As we know, descending channels usually break to the upside when the trend ends. Also the Bitcoin halving in May is coming up and we usually see a gradual incline leading up to, and after the halving. We have tested resistance of the descending channel many times and have retraced accordingly. As a matter of fact, Bitcoin has been one of the easiest swing trades for over 6 months.
However, this is why this time IT COULD DIFFERENT:
Volume! If the VFI (Volume Flow Indicator) can get above 0 while trending upwards and still knocking on resistance we could finally break through. And once we break through we will likely be on a path of establishing new highs gradually after the halving. So watch the volume and the VFI as this could be the time we break the descending channel.
However, this is why this time IT COULD DIFFERENT:
Volume! If the VFI (Volume Flow Indicator) can get above 0 while trending upwards and still knocking on resistance we could finally break through. And once we break through we will likely be on a path of establishing new highs gradually after the halving. So watch the volume and the VFI as this could be the time we break the descending channel.