Bitcoin Breaks Out of the Descending Channel!

With yesterday's move and today's candle close Bitcoin has officially exited the descending channel it was stuck in since December 2017.

In the video below I discuss this and our next upside and downside targets

Here is a quick written recap too..

On the upside the next clear resistance level/target is the 12.7-12.8K area. However, we still need to see BTC get the 11.8k level to clear that intraday high from that last failed breakout attempt.

On the downside, that top trendline of the descending channel is the level that needs to hold otherwise we are right back in the channel!

I would not mind seeing a small pullback and test of that line before then rallying, just because those instances tend to make for bullish price action.

Anyway, check out the video for the detailed analysis:

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Best Regards,

Disclaimer: All info in this post is my opinion and for educational use.