BTCUSD - Retest the resistance trendline?

Bitcoin! A lot of traders are obsessed with bitcoin, yet in my opinion it’s still a speculative currency and its manipulated. Sure, you could make a lot of money from it, but there are other less risky opportunities out there.

Anyway, here is my take on bitcoin.

Bitcoin has been trapped in a downtrend for a long time now.

RSI and MACD is indicating there is strength behind the current price action which may push the price to retest the resistance trendline.

I wouldn’t declare bitcoin on an uptrend until the price closes above the red trendline and opens above it the next day.

On the other hand, if the price closes below the support level and opens below it the next day then bitcoin could be in severe trouble.


---------- Chart Drawings ----------

Blue Dotted Line: Broken Support Trendline
Red Dotted Line: Broken Resistance Trendline
Blue Solid Line: Support Trendline
Red Solid Line: Resistance Trendline
Blue Rectangle Box: Support Level
Red Rectangle Box: Resistance Level
Blue Arrow Line: Bullish Divergence
Red Arrow Line: Bearish Divergence
Red Shade Box: Suggested Stoploss by our algorithmic system
Green Shade Box: Suggested Stoploss by our algorithmic system

Trade closed: target reached