Bitcoin: Closing on a decision
The long term horizontal resistance has continuously played a key role in helping identify an early market reversal. Price now is becoming ever more squeezed between it and rising support.
Until this market makes a new low it is not yet the longest bear market in bitcoin and it seems unlikely we will break that pattern of longer rising & falling market cycles.
If 3k breaks and ranges below it for a breif time, then a move back above it and the horizontal resistance should be a very good indication the long term trend has finally changed. Otherwise we'd need to see a move back above 6k to be certain.
Until this market makes a new low it is not yet the longest bear market in bitcoin and it seems unlikely we will break that pattern of longer rising & falling market cycles.
If 3k breaks and ranges below it for a breif time, then a move back above it and the horizontal resistance should be a very good indication the long term trend has finally changed. Otherwise we'd need to see a move back above 6k to be certain.
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