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Bitcoin remains bullish as upper resistance tested again
The upper descending resistance line of a multi-year bearish channel is being tested again today and coinciding at today's high near $9399, as the price of BTCUSD is trying to push above the key resistance level.
A failure to break above this line in the coming weeks will be bearish, but as noted in my last post, there are multiple longer-term ascending support line that will intersect this bearish resistance line, and form a narrowing triangle formation that will complete sometime in July, and with a breakout to either side likey to follow (if such a breakout doesn't happen sooner).
With the Bitcoin halving event fast approaching on May 12th (less than a week away), bulls seem to have the upper hand and momentum, which is why I remain bullish even if this key resistance line isn't overcome by then.
A failure to break above this line in the coming weeks will be bearish, but as noted in my last post, there are multiple longer-term ascending support line that will intersect this bearish resistance line, and form a narrowing triangle formation that will complete sometime in July, and with a breakout to either side likey to follow (if such a breakout doesn't happen sooner).
With the Bitcoin halving event fast approaching on May 12th (less than a week away), bulls seem to have the upper hand and momentum, which is why I remain bullish even if this key resistance line isn't overcome by then.
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