Bitcoin Price Analysis: Following Huge $700 24-HR Increase, Is Bitcoin Planning For a New 2020 High Soon?

A quick recap of the recent price action: Following a bloody weekend after rejecting from the $10500 resistance level, the current 2020 high, Bitcoin had dropped to its weekly low at $9467 (Bitstamp).

This is not a coincidence, BTC had accurately reached our marked lower descending trend-line that follows Bitcoin’s price action since January 3rd, on the following 4-hour chart.

As we stated here before, since 2020 begun, we see a bullish higher-low trajectory. And yes, corrections are a healthy part of the way to the moon.

Source CryptoPatato

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