Bitcoin Prepares for Next Upside Move: How Far Can It Go?
The Bitcoin price has continued to fall since the $65,400 local top, losing $2,250 in the process. However, upside price momentum is starting to build and the next rally to the upside could be key for taking out stubborn resistance. How far could this potential rally go?
Rally loading
Source: TradingView
The short-term time frame chart shows how the $BTC price has come back to test and retest the bear market trendline since breaking beyond it late last week. Could the price continue to follow the trendline down until it meets with the bull market trendline? This is a possibility.ย
A small descending trendline is guiding the price down currently, but if the $BTC price should break through this, the rally back to the key $66,600 horizontal resistance would be on. The Stochastic RSI indicator lines are just about to get above the 20.00 level, so this could signal the initial momentum needed to break higher.
Daily chart suggests bounce is about to happen
Source: TradingView
The daily chart really does suggest a decent bounce from here or perhaps from the bull market trendline. Breaking through the bear market trendline was a real plus for the bulls, and holding above the bull market trendline has provided that slow and methodical grind up that is potentially describing a bear market bottom.
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