Downtrend breakout

 

This is a 3 month log chart showing the same closing wedge I looked at recently.

Image

As before the green line shows a long term trend line at the top of a channel I’ve been watching since bitcoins were under $50. Red line shows the downtrend I’ve been looking at for the last week or two.

This is just a short post to note that the down trend has been broken out to the upside and we are still well above the top of my long term ‘green’ channel. This all looks very bullish to me, although I’m not necessarily expecting price to suddenly take off upwards again straightaway, it is bullish.

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