BTC has recorded a weekly close at a major resistance level. It has also tapped the upper line of the falling channel. This is according to a chart that was designed by Peter Brandt, a trading vet. He says that lines should be drawn in a manner that connects the most critical price points.
A Major Level For The Bulls
Brandt has predicted the pending penetration of the declining channel. This has been forming since the price hit a peak of $13,888 in June. This could be a new sign of a new bull market. In addition to that, Bitcoin also managed to hold the support of another channel.
Bitcoin has formed an objectively bullish weekly close. This is according to HornHairs, another crypto trader. BTC has also managed to create its first higher low into a higher high on the weekly chart. This has been happening for more than seven months. This is a great sign of a bearish-to-bullish trend reversal.
Another BTC’s Lower High
Bitcoin has been trying hard to surge above the price of $8,500. However, the top coin didn’t manage to surge above that price level on the weekly level. This implies that the bulls are not yet out of the woods as yet. As of now, the leading crypto asset has just managed to form another lower high since the correction began.
What The Bulls Need To Do Now
There is one thing that the bulls need to do to remain safe. They are supposed to push the top coin to the aforementioned price level. This is the only way it will decisively confirm a bullish breakout of the declining channel.
Should this attempt be rejected, a lot of selling pressure could be inflicted on top of the virtual coin. It also appears that there are so many people who are about to turn bullish. One of these people is Tone Vays. Tone Vays is a Bitcoin maximalist and a former Wall Street trader.
Six-Month Falling Channel Breakout
Bitcoin bulls still got a lot to do. This is according to another top crypto trader, Alex Dovbnya. If there is one thing that BTC bulls need to do then it is to confirm a breakout of the 6-month falling channel. Dovbnya, however, notes that the bulls are still on the right track.
Peter Brandt also spoke about the boundary lines and trend lines. He says that they should be drawn in a way that links the most possible chart points. Brandt went ahead to say that this should be the case even if it ignores certain spindles. There is now a high probability that the price of this top coin might hit $14,000 this year.