BTC needs to break this line for bullish confirmation

As often happens, the short-term 2/1 Gann Fan line happens to line up perfectly with the downtrend line that BTC has been following since this corrective cycle began in mid-December. You can get a better view of the downtrend below:

In my opinion, this line simply has to be broken before we can be confidently bullish. Personally, I'm slightly, very cautiously optimistic, but definitely not truly bullish until we break this line.

That's all! Thanks for reading and happy trading.

Comment:

A week later and we're still trying to break the downtrend line. We're getting close; price action around the $9000 level will determine whether we're going to bounce off the upper trendline of the downtrend channel and continue falling, or if we're going to break out of the downtrend and start climbing back towards 5 digits.

There's been a definite uptick in volume over the past week, and we've seen many of the alts begin a recovery, so this does bode well for the hopes that we might be getting close to a trend reversal, but there is definitely no guarantee at this point...we need more bullish signs to start celebrating.

Comment:

Six weeks later, and we're still trying to break this line...