Bitcoin About to Confirm Major Trendline Breakout After $64K Dip: Upside Next?

Stopping just short of the major $65,600 horizontal resistance level, the $BTC price briefly dipped below $64K before steadying on top of the bear market trendline. If this trendline breakout is confirmed in the daily time frame, we might expect a return to the upside and a potential breakout of the major overhead resistance.

Source: TradingView

From the recent local top down to just tag and confirm the bear market trendline as support, the $BTC price fell 2.5%, equating to around $1,650, so a fairly reasonable correction. The 4-hour and 8-hour Stochastic RSI indicator lines have reached bottom and are in the process of bouncing back. All would seem set for a return to the extremely important $65,600 horizontal resistance. 

A clue to whether the bulls might manage to break the resistance this time round is if this bounce is a strong one. If the bounce is fairly weak and drifts off sideways before or as it reaches the resistance, we might see yet another failed attempt at this level.

Inverse head and shoulders bottoming pattern?

Source: TradingView

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