A weekly close below a major trendline has not done the Bitcoin cause any good. The $BTC price did hold the $105,000 horizontal support and has climbed since then. However, the bulls didn’t do enough to get back above the trendline and so could the current price rise just end up being a way for big money to exit the market?
$BTC about to confirm trend break?
Source: TradingView
Perhaps many investors would have thought that the Friday 10 October crash would have put a floor under the $BTC price. However, such a long candle wick to the downside probably needed filling in before the price could rise again, and this turned out to be the case.
In fact, after the initial recovery bounce, the price proceeded to fill in that wick and even ended up making a lower low all the way down at $103,600. The mid-point of the descending channel is what finally held the price, together with the $105,000 horizontal support level.
Since then, the price has risen again, but this time the bul
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