Bitcoin approaching long-term downtrend again

Bitcoin had a very nice recovery from the lows we have seen on Sunday the 5th and it's now fast approaching the long-term downtrend line.

If we look at the 4 hour chart, we can see we are getting near the yellow line. This is a very important level we last reached back in June on the 23rd.


If we move to the 1 hour chart, we can clearly see we were supported by the bottom green line and we are now in an uptrend and bouncing off the short-term uptrend light blue line I've first introduced in my chart on the 1st of June.


Where are we header from here will depend on the strength of this uptrend, I'm expecting the price to retrace back to the $9250-$9290 level before continuing the uptrend to the yellow line.

I give it another couple of days before this will be much clearer in the chart.

How do you rate this article?


Blockchain and Cryptocurrencies
Blockchain and Cryptocurrencies

Articles on blockchain and cryptocurrencies

Send a $0.01 microtip in crypto to the author, and earn yourself as you read!

20% to author / 80% to me.
We pay the tips from our rewards pool.