Bitcoin (BTC) Encounters Strong Resistance: Breakout or Rejection Ahead?

Bitcoin has hit the convergence of three trendlines that are strong ￰0￱ far, the $BTC price has been ￰1￱ Bitcoin head down again, or could the bulls make a huge effort and break out? A possible rejection from 3 converging trendlines), the top of the descending channel (blue line), and the trendline from the all-time high (faint, dotted line) have all converged, making a strong wall that the bulls are so far unable to ￰2￱ might appear that unless there is some kind of bullish surge, the probability is that the bears are more likely to win this particular battle, given that the Stochastic RSI indicators are approaching the top, from where they will turn back down ￰3￱ 8-hour and 12-hour Stochastic RSI indicators are also high up so it just may be that the price needs to come down again in order for these momentum indicators to ￰4￱ will win?

Head and shoulders or W pattern?). While such an action would appear to completely negate the bull market, we still have the Stochastic RSI indicators approaching their ￰5￱ markets start from the top and not the bottom, so what is coming next could be quite sudden and ￰6￱ the price fall very quickly down to $88,000, or could a super rally begin that takes out an 8-year trendline and soars to $200,000? No one knows the answer. Disclaimer: This article is provided for informational purposes ￰7￱ is not offered or intended to be used as legal, tax, investment, financial, or other advice.