BTC Trendline Retest Holds as Resistance
Consider this a PSA
Bitcoin has been trying to recover from its big drop last Friday and Saturday. The dips have been getting bought, especially on the lower timeframes. The push earlier yesterday was looking promising until rejection was found exactly where the upward sloping trendline was.
Here you can see a closer look on just how the retest played out. The Daily candle pushed perfectly to the trend and died. This does not mean that all hope is lost for the Bulls but it is certainly a warning for a lot or traders when they see a break in trend and then a flip from Support to Resistance.
This last picture was after the rally in May that brought the new $65K ATH. The immediate trend was broken and retested which caused the break in trend.
Then we had a new trend break and retest after forming a Swing-Fail to the hightide. This brought a much larger dump even though the dump to get there was already dramatic.
If you enjoyed this article, consider sharing with friends on Social Media. Lets grow the Community together!