BITMEX:XBTUSD   Bitcoin / US Dollar Perpetual Inverse Swap Contract
Bitcoin is now trying to break out of it's descending channel .
-Price has touched the upside of the channel twice and it's bottom 3 times;
-It rejected twice the support zone of 6400-6700;

For this to be confirmed as a real breakout and make a big move to the upside, wait for a decisive 1D candle close above the channel. Price might test the 8800-9000 zone (which coincides with the 200MA) and make a slight move down, probably re-testing the channel, before the bigger move to the upside.

But remember this is a volatile market and there's still a possibility of this being a bull trap, that's why you should wait for a good confirmation before entering any position. Use your stop-losses.

This is not financial advice.
Jan 14
Comment: There also might be a bullish divergence, looking at the RSI
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