That purple trendline is a major support, aslong as we stay above it we will not go into a bear market or revisit the iconic “cme gap”.
Imo we should come down and test the trendline one more time before shooting backup question to wash the longs (I would be suprised that exchanges would let them get an easy ride) However I’m not sure this might happen as we are very close to the elections and bitcoin must hold some serious ground above the purple trendline incase of any catalyst to absord the news without breaking the major support.
I see this potentially topping out at ~16k once we clear past 12k. Real rally should be interesting in 2021.
Imo we should come down and test the trendline one more time before shooting backup question to wash the longs (I would be suprised that exchanges would let them get an easy ride) However I’m not sure this might happen as we are very close to the elections and bitcoin must hold some serious ground above the purple trendline incase of any catalyst to absord the news without breaking the major support.
I see this potentially topping out at ~16k once we clear past 12k. Real rally should be interesting in 2021.