Bitcoin's Outlook Is Still Bullish, But For How Long?

As we all have seen, Bitcoin made a sharp turn downwards this morning. However, it didn't go down all the way, seems we got saved by the lower trend line of the channel.

If this trend line manages to hold this week, we might see Bitcoin continuing its rise towards $20,000 and beyond. Before entering a long position, wait for the trend to confirm. My suggestion would be to wait till we have a daily candle close above $17,500 (yellow line).

If the lower trend line were to be beaten this week, we can expect Bitcoin's value to drop even further towards $15,000 or even lower.

Trade carefully!