Bitcoin, New Bullish Channel Analysis

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
As you can see from the chart, price just bounced near a long-term support. Now we can draw a new bullish parallel channel using the new low and the previous highs. But can this new bullish trendline sustain a new upward move?
Currently it cannot!
The bounce has been weak and bullish volume is drying up. This move can only be defined as a correction of the bearish trend and price action will probably break down the channel and retest the support.
Do not take action until you don't see clear bullish signals. There are not strong bullish signals at the moment.

Sky is not the Limit

The informations and the strategies discussed are NOT recommendation to buy, sell or trade any securities. They are strictly for educational and illustrative purposes.
May 20
Comment: This correction is gaining some strength but bullish volume is still very small. The price will probably try to reach and test the 8760-8820 resistance. If it can break it higher, the bullish movement will become even more stronger.
Until we stay below that resistance, this movement can still be considered as correction of the bearish trend.
May 22
Comment: It didn't even reach our 8760-8820 resistance level. As i've said before, price action will probably breakdown the channel and retest the support.
May 23
Comment: Support retested as expected.
May 23
Comment: Our support has been broken with heavy bearish volume. Support now becomes resistance. The next Support is our long-term Bullish Trendline.
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