Coinstreet
Long

BITCOIN trending in channel

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
BITCOIN is getting its mojo back and we are all excited to see how this retest of the last high will resolve.

The 1HR rejection candle yesterday (circled in red) showed weakness but we did not have any follow-up sells or lower lows even on this smaller timeframe.

Looking at the previous runs into this level we can spot resistance forming around $5345 - $5360 price levels.

BTC is looking to test these levels again and needs a good rejection before it will go back down again. The honey badger might be getting its temper back and we all know you should not mess with a honey badger :D

Go with the trend, I am going to add on break of the highs, confirmation is a high timeframe close above the mentioned resistance level .

Looking at the bigger picture, Bitcoin is still trending up into the massive resistance around $6k which has been support for a long time before it eventually broke. I am confident the honeybadger will break it but it may take some time and platform building first. Expect volatility around these levels in any case!

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Note: The lines are just a parallel channel .

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