Bitcoin Testing The Top Of Our Channel As Anticipated
Will we break upwards or drop down? #bitcoin #ta #technicalanalysis #crypto #trader
Readers,
In the previous post on Bitcoin we anticipated that we were likely forming a bull flag, would bounce off of support, and move higher. Like a crystal ball, technical analysis helped us to see the future once again. We couldnโt have called these recent moves more perfectly. But now we come to the top of our descending channel which is also acting as a longer-term bull flag. The question becomes, โDo these bulls have enough strength to give us our long-awaited breakout, or will we drop to the bottom side of this channel one more timeโ?
I can tell you that the probability of a breakout soon (within a week or two) lies in our favor. That being said, we have also never lived in a more chaotic and unbelievable world with news event after news event leaving us with our jaws glued to the floor in shock. Even though historically odds are in our favor, these odds were not created in the tumultuous world we now find ourselves living. Anything could happen. Barring no new FUD, BTC should break out within a week or two. With more FUD, down we go to the bottom side of that channel yet again.