BITCOIN SUPPORT BREAKOUT| SCENARIO DECONSTRUCTION|SHORT

15 jun 2020

So the diagonal multi-month upward support line is broken. It is yet to see if the breakout is confirmed, so the daily candle needs to close below the line.

The breakout feels natural as the currency failed to break out of the massive resistance level of around 10.000.

Now, Bitcoin might continue trading in the yellow range, which implies a potential attempt to retest the 10.000 level, or, alternatively, the bears might have won and BTC will tactically retreat to the closest support level of around 7.500.

Anyhow, the broken long term support will embolden hedge funds in opening short positions. So if the buying momentum is still strong, we will see Bitcoin lingering in the range for some time. If the bulls are out of spirits, the 7.500 target is soon to become reality.

Let's see how it goes.

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