In our last Bitcoin analysis we noted the importance of the $4,400 resistance level. This view and the importance of this price level has been expressed several times through twitter as well.
Now the BTC/USD has finally broken above the resistance and out of the bearish long-term channel. Is the bearish cycle over? How optimistic can one be? On April 1, the price action was giving reversal signs and I tweeted:
The price has broken above the cloud resistance, above the bearish channel and above the red rectangle resistance area. Recapturing the $6,000 price level would be an important step before confirming a major low. It is now important for bulls to defend the $4,000-$4,200 support area and not break back below it, because a fake break out would be a very bearish signal.
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