Bitcoin trend reversal is getting tested again.
Summery: Ok folks, we are at it again. Time to see if we are really in some kind of real trend reversal to the upside or if these recent green days are just another stop on the way down in a larger bear market. As can be seen in the picture bellow, a descending triangle has formed on the 4 hour charts and will soon indicate which way the market wants to go. If we break bellow temporary support at $8400 we will most likely fall back down to recent lows of $7400. However, if we breakout out of the descending trend line with any kind of real volume we will more then likely continue to the upside adding one more piece of evidence that we may indeed be in a trend reversal to the upside and a major win for the bulls.
Key Points:
- A descending triangle has formed on the 4 hour charts and will soon indicate which way the market wants to go
Disclaimer: This is not financial advise or guidance in any way shape or form. The opinions mentioned above are meant for education purposes only.