Bitcoin (CRYPTO: BTC) broke up bullishly from a falling channel pattern shortly after midnight on Monday, which Benzinga predicted would happen on Friday.
The falling channel pattern is bearish for the short term but can be bullish down the road.
For bearish traders, the “trend is your friend” (until it’s not) and the stock is likely to continue downwards. Aggressive traders may decide to short the stock at the upper trendline and exit the trade at the lower trendline.
Bullish traders will want to watch for a break up from the upper descending trendline, on high volume, for an entry. When a stock breaks up from a descending channel, it’s a powerful reversal …
Full story available on Benzinga.com