Bitcoin exiting the descending channel (bullish sign)
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On the Bitcoin 4H chart, a descending channel has formed with the pattern fully worked out.
The asset was able to break above the local resistance of $16.786 0.382 Fibonacci and is starting to consolidate higher.
For further growth, the asset must break through the $17,200 zone and go to consolidate above $17,600 until we see that we are getting bounce after bounce from the $17,000-17,200 zone at the moment, important resistance.
I think if the asset holds the $17,200-17,600 zone and does not fall again, we can quickly reach the zone above $20,000 by mid-December.
On the Bitcoin 4H chart, a descending channel has formed with the pattern fully worked out.
The asset was able to break above the local resistance of $16.786 0.382 Fibonacci and is starting to consolidate higher.
For further growth, the asset must break through the $17,200 zone and go to consolidate above $17,600 until we see that we are getting bounce after bounce from the $17,000-17,200 zone at the moment, important resistance.
I think if the asset holds the $17,200-17,600 zone and does not fall again, we can quickly reach the zone above $20,000 by mid-December.
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