$BTC has been ripping it over the past year, going from $10,000 last September to $65,000 recently. Technical analysts might say that $BTC traded in an upwards channel (orange lines) for a solid six months, which was bullish. After topping out at $65,000, however, $BTC has lost some steam and broke below the lower support line of that upwards channel, which is bearish. $BTC did find support at $50,000 (bottom blue line), which has been a strong resistance level, and now proved to be a strong support level.
Where is $BTC going next? Both the previous upward channel (orange lines) and the next obvious resistance level (top blue line) seem to converge around $60,000. If $BTC is able to break that level with good buying volume, it is probably going to try to make a new all time high. If $60,000 is tested but not breached, a retest of $50,000 is probably in the cards. I have no position here, but will have fun watching. Good luck to all!
