bitcoin is facing resistance at this previous support trend line.
As you can see from the chart, that trend line has acted as support before the huge dump to 28.7k.
Bitcoin has previously bounce from the trend line 3 times
11th of February,
1st of March
26th of April
Bitcoin broke the trend line in May and the price plummeted to 28.7k
Currently bitcoin has been rejected from that trend line 3 times
We tested the trend line on the 15th of October and got rejected
The price consolidated below the trend line for 3 days but broke above it on the 19th of October but it turned out to be a fakeout.
20th of October, We opened and closed a daily candle above the trend line for the first since the price broke down from it but the bulls could not turn the trend line as support and the price broke down again on the 21th of October with a bearish engulfing candle.
The price consolidated for another 3 days and got rejected again on the 25th of October after a failed retest.
As you can see I don’t think anyone can deny the fact that the trend line is a very important trend line the bulls needs to watch.
If you are waiting on the sideline and looking to long bitcoin please wait until the price is above that trend line and if possible wait till the trend line has been confirmed as support before opening a long position.
If bitcoin breaks that trend line I’m expecting a huge pump to the upside so pay attention to the trend line.
As you can see from the chart, that trend line has acted as support before the huge dump to 28.7k.
Bitcoin has previously bounce from the trend line 3 times
11th of February,
1st of March
26th of April
Bitcoin broke the trend line in May and the price plummeted to 28.7k
Currently bitcoin has been rejected from that trend line 3 times
We tested the trend line on the 15th of October and got rejected
The price consolidated below the trend line for 3 days but broke above it on the 19th of October but it turned out to be a fakeout.
20th of October, We opened and closed a daily candle above the trend line for the first since the price broke down from it but the bulls could not turn the trend line as support and the price broke down again on the 21th of October with a bearish engulfing candle.
The price consolidated for another 3 days and got rejected again on the 25th of October after a failed retest.
As you can see I don’t think anyone can deny the fact that the trend line is a very important trend line the bulls needs to watch.
If you are waiting on the sideline and looking to long bitcoin please wait until the price is above that trend line and if possible wait till the trend line has been confirmed as support before opening a long position.
If bitcoin breaks that trend line I’m expecting a huge pump to the upside so pay attention to the trend line.