BTCUSD - Bullish channel

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
The price currently seems to be moving upwards in a bullish channel . The price has tested the resistance level of the channel on a number of different occasions, all of which have failed, the price has just tested the resistance once again and I believe the same to be true. Over the last month we have saw the price teste the resistance two times, on both of these occasions we have seen the RSI reach an overbought stretched position and the price test the resistance level . Every time this had happened we saw a downward push towards the support level of the channel shortly after, this seems to be the case on the third test of the resistance level . We have saw the price test the resistance and the RSI move into an overbought position, the price is currently fluctuating but looks as if it is soon to move down and test the support of the channel once again!

Bitcoin has been doing incredibly well managing to overcome the 9,000 dollar resistance level , but this channel seems to be lacking the momentum needed to break out the top, I believe the price is much more likely to break out the support level and the price to start moving down. This is not a long term price prediction, as I think that bitcoin has got a fair chance at being able to reach the price it was at before the huge declines in December.

But, again we come to the question that if bitcoin is able to move back to the price it was previously at by Christmas is it just a pump and dump scheme? I believe that this particular crypto needs stability and to consistently and slowly increase in value overtime, rather than aggressively increasing its value with hype and speculation.


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