Bitcoin Technicals Point Up
Chris Kimble | Jun 11, 2018 12:26PM ET
The bitcoin trend remains up as it has spent the majority of the past 5 years inside of rising channel (1). Nothing has changed this long-term trend.
Over the past 6 months, bitcoin could be creating a bearish descending triangle at (2), with support coming into play along line (3). Recent weakness has it testing line (3) for the third time in the past four months. Do not forget that support is support until broken!
If support line (3) fails, the descending triangle measured move suggests that bitcoin could head toward line (4), which is near the bottom of rising channel (1), which comes into play around the $2,000 level.
Bitcoin's trend remains up and is testing support right now that has held two other times in the past four months.
The current support test is important for bitcoin bulls.
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