Will bulls take charge now that Bitcoin price trades above a long term trendline resistance?
Bitcoin bulls celebrated BTC’s push through a long term trendline resistance, but has anything actually changed? On Oct.4 and Oct. 5 Bitcoin (BTC) took another step through the $20,000 mark, bringing the price above a long-term descending trendline that stretches all the way back to Apr. 22, or Nov. 15 depending on one’s style of technical Analysis . Some traders might be feeling a bit celebratory now that price trades outside of the descending trendline, but have any relevant metrics or macro factors changed enough to support a bullish point-of-view for Bitcoin price? In reality, BTC price simply “consolidated” its way through the trendline by trading in a sideways manner where price has been range bound between $18,500 and $24,500 for the past 114 days. BTC/USDT. Source: TradingView Direction-wise, Bitcoin and Ether tend to trade in tandem with equities and BTC’s Oct. 4 rally to $20,365 comes as the Dow, S&P 500 and Nasdaq closed the day with 2% to 3% gains. BTC, ETH and S&...