Bitcoin is about to test this 10-year trendline - breakout?
This is my favorite Bitcoin chart of all time.
In this chart we can see a 10-year trendline from 2013 ATHs until today. Bitcoin has been above this line for most of the time, except for the period between December 2014 and April 2017 - during that period Bitcoin had phase 1 of a bull market and took nearly 16 months between January 2016 and April 2017 to break it, with a previous rejection mid 2016.
This bull run has a lot of similarities with 2015-2017 and now it's a decisive moment for Bitcoin and crypto - will it test this trendline as resistance and get rejected or will it break out and go parabolic from here?
Something tells me we're going to crush this line!
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In this chart we can see a 10-year trendline from 2013 ATHs until today. Bitcoin has been above this line for most of the time, except for the period between December 2014 and April 2017 - during that period Bitcoin had phase 1 of a bull market and took nearly 16 months between January 2016 and April 2017 to break it, with a previous rejection mid 2016.
This bull run has a lot of similarities with 2015-2017 and now it's a decisive moment for Bitcoin and crypto - will it test this trendline as resistance and get rejected or will it break out and go parabolic from here?
Something tells me we're going to crush this line!
Want to trade Bitcoin, Ethereum, and many other pairs with up to 225 leverage, low fees, and no KYC? Join BTCC and try the first crypto derivatives exchange in the market founded in 2011!
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The 2015-17 period in detail
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And now
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Bitcoin was really really close to breaking this trendline but got rejected and just now broke the trendline from November 2022 (FTX event) that was acting as a resistance for many months, was recently tested and broke down again.
This means bulls are losing control of the game and with no buying volume and low liquidity we can expect Bitcoin to restest the base of this move around $25,000 area.
This means bulls are losing control of the game and with no buying volume and low liquidity we can expect Bitcoin to restest the base of this move around $25,000 area.