BTC price action has broken above a major long-term trendline stemming back to December 2017’s all-time highs. When looking at the 2014 – 2015 bear market, a similar move precipitated the final sell-off of the trend before price action moved into an accumulation pattern. BCH also appears to have broken above two major descending trendlines stemming back to the market’s all-time high in recent weeks.
BTC Breaks Major Descending Trendline
Amid the anxiety and FUD surrounding BTC’s seemingly inevitable retest of support at 2018’s price low just above $3,000, price action has firmly broken above a major descending trendline stemming back to the all-time high of nearly $20,000.
BTC/USD – Bitstamp – 1D
The break appears to have taken place across multiple time-frames, however, only the current weekly candle appears entirely outside of the trendline’s range, and is yet to close.
BTC/USD – Bitfinex – 1W
When looking at the 2014 – 2015 bear trend, a comparable trendline was broken following 15 months of bearish fallout after the then-all-time high of nearly $1,200 was posted during the end of November 2013. While BTC would not produce a higher high until 10