Bitcoin Bull Market Made Simple
On the monthly chart we can see the emerging pattern and it's idiosyncrasies. The most simple TA demonstrates that a breakout of the lower low pattern achieved around $4200 has not been rejected at the 2018 bottom of ~5700 to re-enter a bearish consolidation patter, and has instead broken out strongly above resistance.
From a technical standpoint it does look like BTCUSD could revisit the resistance turned support, but this time around we have much more support than BTC did in 2015, when it was rejected and revisited the bottom of the bearish pattern once again.
That doesn't mean that it's impossible for it to re-enter the lower 3-5k range, but it is less likely than it was in 2015, which is hopeful.
From a technical standpoint it does look like BTCUSD could revisit the resistance turned support, but this time around we have much more support than BTC did in 2015, when it was rejected and revisited the bottom of the bearish pattern once again.
That doesn't mean that it's impossible for it to re-enter the lower 3-5k range, but it is less likely than it was in 2015, which is hopeful.
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