Bitcoin poised to test upper resistance line of bearish channel
A break above the upper resistance line of the bearish channel (see yellow arrow in chart) will be very bullish (near April 30th, 2020 high), even if that line may turn into a descending support line, but can at least give short term bulls big momentum.
There is a confluence of recent intersecting bullish support lines which I interpret as the immediate-term momentum remaining very bullish, along with the fact that the bitcoin halvening event is less than two weeks away.
Even if the upper line of the bearish channel isn't tested in the next few weeks, the longer-term ascending support lines will soon intersect it, making it easier to overcome.
There is a confluence of recent intersecting bullish support lines which I interpret as the immediate-term momentum remaining very bullish, along with the fact that the bitcoin halvening event is less than two weeks away.
Even if the upper line of the bearish channel isn't tested in the next few weeks, the longer-term ascending support lines will soon intersect it, making it easier to overcome.
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