Extremely long term BTCUSD view
Although in multi-month bear market, BTCUSD continues to remain inside major bullish growth channel. In next leg of bull run, BTCUSD can run to the upper resistance of channel to $65k by August 2019. Long positions are encouraged based on extremely profitable risk:reward potential.
On the weekly chart, we can see that BTCUSD is testing to break out of the downward trend line (white dashed line) after bouncing from $6k support for the 4th time this bear market. There are 2 scenarios that I see possible:
1.) BTCUSD breaks out of the downward trend line (+$7500) and faces the next test at major resistance level of $8500
2.) BTCUSD fails to...