Sirwin
Sirwin

Bitcoin back above the short-term downtrend


Bitcoin has been moving sideways for some time and finally went above an important downtrend line, it's remarkable to see how much it was squeezing between trend lines I put in place this week.

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Once reached the end of the trend, it finally broke above it which is a very good signal short term.

If we zoom out a little, we can see we still have a lot of room to cover above us before reaching the long-term downtrend yellow line.

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I've noticed a new uptrend today and I'm not sure at the moment how strong it is but i wanted to place the line anyway, you can see it below in light blue.

We could see the Bitcoin price slowly moving upwards, bouncing over this support for the next few days.

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If the support holds us, we will probably reach the yellow line at some point next week.

For now, I'd like to see this uptrend maintained otherwise we may go gown again to retest the purple line but as support this time.

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