• TennHedge

Bitcoin Tests Key Resistance Level

Shortly before the UTC close yesterday, Bitcoin tested, and rejected, a key resistance level that has persisted since Bitcoin's incredible 2017 all-time high of nearly $20,000. This resistance level is more of a rolling resistance level, as the level decreases in-line with the downtrend line on the chart (you will see in a moment).

In my view, we are not truly in a Bitcoin bull market until this downtrend is breached. I believe this will occur in the later months of 2020 or early in 2021; however, post-halving, price can start mooning in an instant - and I view this resistance test as a bullish sign of things to come. When this level is breached, trust me, you want to be long Bitcoin.

I'll leave you with the chart this evening, short and sweet tonight:


Full disclosure: I am long Bitcoin.

You should always consider seeking financial advice from a licensed advisor before making decisions with your money, and you should not consider anything I write as financial advice but merely my opinion. Getting your financial house in order is a prerequisite for Bitcoin saving, in my opinion.

Disclosure: nothing in this article should be considered financial advice and I am not a financial advisor. Do your own research as everything in finance carries risk.