Bitcoin will break out of downtrend channel

27 feb 2018

Today is a very good day for bitcoin and it will only get better. As i said in my earlier posts bitcoin is completing its right shoulder of the inverse h&s pattern and is now close to breaking the downtrend channel that has dominated the market since late december. As you can see on my chart there is still a major resistance at 12k but that is also the area where the right shoulder should be completed and that will make it easier for bitcoin to cross that level. If we are able to cross the 12k we will see bitcoin bounce back a few times to test the 12k as a support before we can truly fly to higher levels.