RATE Group | Bitcoin Hasn’t Done This Since 2015 Before Its 10,000% Bull Run
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Bitcoin Hasn’t Done This Since 2015 Before Its 10,000% Bull Run

03 May Bitcoin Hasn’t Done This Since 2015 Before Its 10,000% Bull Run

Posted at 15:01h in Bitcoin News by

The price of Bitcoin (BTC), the top-ranked cryptocurrency, currently sits around $9,000, after last week’s impressive 20% rally in a single day.  With the halving now less than 2 weeks away, it might seem like a no brainer to go long on Bitcoin to catch the next explosive move. 

However, there is one chart view that suggests we may have topped out, and that is what I’ll start with today. 

Daily crypto market performance. Source: Coin360.com

If in doubt, zoom out

BTC USD daily chart. Source: TradingView

In last week’s analysis, I shared two possible ascending channels, one of which was invalidated leaving one in play. This week, I want to look at the possibility that we were not inside either channel and the fact we could still be in a downtrend since the June 2019 pump that almost hit $14,000. 

The upper trend line is validated by three touches. However, the lower trendline of this channel puts the immediate downside as low as $3,000 with the moving average around $6,300. These are…

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