BTC has broken out of a downtrend channel and is now retesting what was the resistance and trying to turn it into support. IF BTC can close above this line, we should see a spring up. If it does not, look for price to continue to trend down within the channel for 1-2 more weeks.
Most ALT/BTC pairs are looking very bearish right now so a powerful spike up would not surprise me in the slightest.
*THIS IS NOT FINANCIAL ADVICE. I AM NOT RESPONSIBLE FOR ANY LOSSES OF MONEY*
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Retested resistance and is bouncing. Very bullish sign!