Has Bitcoin bottomed? A technical view

Good day everyone!! In our last Bitcoin analysis we noted the importance of the $4,400 resistance level. This view and the importance of this price level has been expressed several times through twitter as well.

 

No BTCUSD has finally broken above the resistance and out of the bearish long-term channel. Is the bearish cycle over? How optimistic can one be? On April 1st I also tweeted this….

 

price action was giving reversal signs….

Price has broken above the cloud resistance, above the bearish channel, above the red rectangle  resistance area. Recapturing the $6,000 price level would be an important step before confirming a major low. It is now important for bulls to defend the $4,000-$4,200 support area and not break back below it, because a fake break out would be a very bearish signal.

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