Bitcoin is showing strength, new rally alert!

Hello friends, given recent price action, bitcoin failed to actually touch the longer-term trend line below although it reached that level and rebounded nicely. It has also shown that it is still in an uptrend by failing to retrace lower than 50% of the previous upward cycle. Given the fact that sentiment is quite bearish, I think there's a good possibility for a break up and nice uptrend soon. If you want to play it safe, set a buy stop above the recent highs.

Comment:

Obviously a break upwards did not occur. The good news is losses should not have been incurred since the buy stop would not have been triggered.