Categorical

Bitcoin bear trend may be breaking, but serious challenges ahead

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
112 views
0
112 0
For the past year, Bitcoin has been caught under a downwards triangle pushing the price down. It finally seems to be finding support in the $6,000 - $6,300 range. Numerous attempts to short have only resulted in higher lows.

However Bitcoin cannot afford to just track sideways as the long term trend line from the cryptowinter is rapidly catching up with it. It will likely bounce the first time that it encounters the trend line , but then will break through and drop significantly. The real question is whether the existing support can hold up Bitcoin after breaking the long term trend line with the resulting disappointment that follows.
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing House Rules Moderators Website & Broker Solutions Widgets Charting Solutions Get Help Feature Request Blog & News FAQ Wiki Twitter
Profile Profile Settings Account and Billing TradingView Coins My Support Tickets Get Help Ideas Published Followers Following Private Messages Chat Sign Out