Bitcoin bear trend may be breaking, but serious challenges ahead
For the past year, Bitcoin has been caught under a downwards triangle pushing the price down. It finally seems to be finding support in the $6,000 - $6,300 range. Numerous attempts to short have only resulted in higher lows.
However Bitcoin cannot afford to just track sideways as the long term trend line from the cryptowinter is rapidly catching up with it. It will likely bounce the first time that it encounters the trend line, but then will break through and drop significantly. The real question is whether the existing support can hold up Bitcoin after breaking the long term trend line with the resulting disappointment that follows.
However Bitcoin cannot afford to just track sideways as the long term trend line from the cryptowinter is rapidly catching up with it. It will likely bounce the first time that it encounters the trend line, but then will break through and drop significantly. The real question is whether the existing support can hold up Bitcoin after breaking the long term trend line with the resulting disappointment that follows.