Bitcoin Price Breaks Descending Channel on Daily Chart - Gives Hope to the Bulls

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The first thing that needed to happen for Bitcoin to have any kind of bullish tone just occurred.

The six month long descending channel on bitcoin has finally been broken!

Break from the slide...

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As you can see looking at the chart today we finally got a daily candle to push through and close above the descending channel.

What this means going forward can be a few possibilities:

  • A.) Price continues to push higher to the next upside target of 8,400
  • B.) Price pulls back and tests the 7,600 level (to confirm the breakout)
  • C.) It was just a random pump and price falls back into the channel.

To review, A: is bullish, B: is bullish/neutral and C: is bearish.

So the good news is we have a two in three chance of price action having a bullish tone.

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Posted via Steemleo | A Decentralized Community for Investors


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7 comments
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I am feeling as bullish as I have felt in 4 months. The stars are lining up for a good pre-halving run up. I wasn't sure of that at all just a few weeks ago. And yes I think we go on to 8400 and through without a lot of drama or much pause.

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Yeah, I was starting to think we were going to get the great shakeout of 2020 with btc going much lower and all the shit coins finally going defunct, but it seems we may be avoiding that. We shall see.

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(Edited)

If, IF, we don't clear 10K and hold above pre halving, yeah that great shakeout is back on the table, I believe. Clears 10K and stays, I hodl on. Fails at 10K, I go to cash for a while

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