Bitcoin Breaks Out of the Descending Channel! by scaredycatguide

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cryptocurrency · @scaredycatguide · Mar 4 '18

$53.18

Bitcoin Breaks Out of the Descending Channel!

With yesterday's move and today's candle close Bitcoin has officially exited the descending channel it was stuck in since December 2017.

In the video below I discuss this and our next upside and downside targets

### Here is a quick written recap too..

On the upside the next clear resistance level/target is the 12.7-12.8K area.  However, we still need to see BTC get the 11.8k level to clear that intraday high from that last failed breakout attempt.

On the downside, that top trendline of the descending channel is the level that needs to hold otherwise we are right back in the channel!

I would not mind seeing a small pullback and test of that line before then rallying, just because those instances tend to make for bullish price action.

Anyway, check out the video for the detailed analysis:

<iframe width="560" height="315" src="https://www.youtube.com/embed/RfQ3amMt9IY" frameborder="0"allow="autoplay; encrypted-media" allowfullscreen></iframe>

#### <center>Need to learn the basics about bitcoin, the blockchain and wallets?  
Free e-book: [ScaredyCatGuide to Knowing What the Heck Bitcoin Is](https://scaredycatguide.com/scaredycatguide-to-bitcoin/)</center>
___
<center>![steemittags.JPG](https://steemitimages.com/DQmWtucb9z95znZ6jWgBBFJJoth1UiskdAcbJWWWrJ5zPKX/steemittags.JPG)</center>

Best Regards, 
![600x150EmailHeader.jpg](https://steemitimages.com/DQmQWhzGLmeC7RCJohAuhCmxyD7w5HqUXfHPbR4Ui1HRjBs/600x150EmailHeader.jpg)

Disclaimer:  All info in this post is my opinion and for educational use.

👍 reggaemuffin, coral-reef, newhope, shenanigans, stiflers-mom, redes, timcliff, buddhist, carrinm, evanrvoss, eric-boucher, helikopterben, msp-waves, scaredycatguide, teamsteem, msp-shanehug, msp-lovebot, furious-one, cristi, forexbrokr, jasonstaggers, money-dreamer, gonzo, steembusiness, swelker101, msp-active, bulleth, masteranibal, uniwhisp, ma1neevent, mitchelljaworski, vachemorte, sc-steemit, thecryptofiend, d0zer, charles1, solarguy, negativer, steemprentice, tradeqwik, middle-theory, nolnocluap, choogirl, scooter77, mdees1, pnc, crimsonclad, builderofcastles, procrastilearner, manorvillemike, minnowuniversity, freemoceanisnow, crypticus, discordiant, andersokohler, mrs.agsexplorer, steemulator, willy3380, realestatecoach, drac59, berkah, razpor, planet-power, moisesmcardona, and 51 others

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@andreina89 · Mar 4 '18

Excellent friend very good and interesting valuable information thank you for sharing and contribute to this great community if you can support me with a vote greetings

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@cloudspyder · Mar 4 '18

Bitcoin now manuever and change its position from nose dive to gain altitude. Bomd away.xD

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@coinisking · Mar 4 '18

BTC to the moon!

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@eddirayrod · Mar 4 '18

The $11200 support level needs to hold for at least 100 hours, that will provide an influx of new fiat to support the next test level of 12500. after that the Gov institutional centralized agencies will have a BIG ..... to....
stay tune

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@scaredycatguide · Mar 4 '18

Yes, holding 11,200 would be ideal.  The 100 hours thing I have not heard before.  Quite interesting.

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@eric-boucher · Mar 4 '18

Good job on this analysis and I sure hope for many that it is a sign of better, stronger times for the cryptocurrencies of our world.

Namaste   :)

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@scaredycatguide · Mar 4 '18

$0.03

Yes, I would have liked to see a bit more volume the past two days on these up moves to be more bullish, but take what we can get :-)

👍 eric-boucher

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@felipejoys · Mar 4 '18

Although I often deal in crypto indirectly, I never really hlod or trade with it. It's still interesting to see how it's price get anaylized, though.

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@scaredycatguide · Mar 4 '18

Thanks!  I traded stocks for quite some time so it's force of habit for me to look at crypto that way too :-)

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@hashcash · Mar 4 '18

Finally we are at place where we know that bitcoin could now move into a bullish trend from here. It's good being realistic but let me say this that sometimes optimism could be the key to getting on our heads straight.

👍 wonhaswon

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@jason7282 · Mar 4 '18

Great video! Bitcoin has been doing great lately! Bad news for my Alt coins

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@liupeiliang · Mar 4 '18

Thank you for your sharing

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@manorvillemike · Mar 4 '18

BTC holding solid in my eyes. Consolidating for continued gains.

👍 eddirayrod

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@money-dreamer · Mar 4 '18

$0.22

This is surely good news. Upvoted & Resteemed!

👍 money-dreamer

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@scaredycatguide · Mar 4 '18

Thanks!!!

properties (22)

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@realestatecoach · Mar 4 '18

Good analysis.  That was a very clear channel that you drew.

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@sourovafrin · Mar 4 '18

$0.04

I wish i could buy 1 bitcoin in 2011

👍 speedvoter, sourovafrin

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@speedvoter · Mar 4 '18

<p>This comment has received a 0.04 % upvote from @speedvoter thanks to: @sourovafrin.</p>

properties (22)