Bitcoin's Healthy Uptrend Faces Critical Test—Is It Time to Sell
2024-09-23

 

Bitcoin's recent rally has followed a well-defined and healthy uptrend, with the trendline offering strong support. This suggests a sustainable bullish momentum. However, for this healthy trend to continue, Bitcoin will soon need to retest its trendline support.

Should the test confirm strength in the trendline, the next significant resistance level is projected to be near 68K. On the other hand, if the trendline is breached, we can expect a short-term downside move towards the 60K-59K range, which marks the previous high during the first trendline test, and it should be treated as a potential support zone.

Given this outlook, the prudent trading approach for Bitcoin at this stage is to adopt a sell strategy, anticipating a short-term correction.