Despite a bullish pin bar candle seen on the weekly chart a fortnight ago, Bitcoin is still confined within a falling channel. Bitcoin is gradually moving higher and is currently approaching the upper trend line acting as the resistance to the falling channel. Bulls would like to see a break above this trend line to pick a long position; such a break will mean a possible growth towards 20082.60. but while this trend line remains intact, bears are waiting to sell the impulsive wave (v)(upon a rebound from the upper trend line) with a target at 4677.97.
We’re long temporarily towards the upper trend line.
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