The weeks ahead will determine if bitcoin is going to go parabolic before the halving event in May. The price is trying to break the 6-month downtrend channel. The breakout should occur with good weekly VOLUME to close above the upper diagonal resistance of the downtrend channel. Conditions for a confirmed trend reversal into a bull market -
1) Break above 8.5K and out of the downtrend channel with VOLUME
2) Above 21-weekly MA which is currently at 8.5K
2) Weekly RSI>55
If it keeps struggling in this channel the 200-week MA and the weekly support at 5.7K might be above to prevent further downside before a new bull market begins.
Not a financial advice and do your own research.
1) Break above 8.5K and out of the downtrend channel with VOLUME
2) Above 21-weekly MA which is currently at 8.5K
2) Weekly RSI>55
If it keeps struggling in this channel the 200-week MA and the weekly support at 5.7K might be above to prevent further downside before a new bull market begins.
Not a financial advice and do your own research.
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