Bitcoin (BTCUSD) Retesting Year Long Downtrend Resistance

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Bitcoin (BTCUSD) continued its bottoming efforts this past week near the June 2017 high and September 2017 low. BTCUSD bulls are looking to reclaim the psychologically key 4000 whole figure level, particularly as BTCUSD bumps up against a 1 year downtrend/triangle resistance (on the weekly chart). Some traders when drawing the first data point of this resistance line (in December 2017) will begin the line from the upper end of the body of the highest December 2017 weekly candle as opposed to the same candle's upper shadow's peak. A line from the upper end of the same December 2017 candle's body of course would produce a downtrend resistance level that intersects higher. Given that the Ethereum hard fork is now delayed until late February, any decisive attempt by bulls to take BTCUSD back above 4000 may have to wait another 5 weeks or so. The weekly and daily RSI, Stochastics and MACD are bottomish or consolidating recent gains. A decisive break above the more conservatively drawn 1 year downtrend resistance line will likely set a new trading range of 4k-6k over the following few months.

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