BTC’s price action crossed above a major trendline, which dates back to December 2017, when Bitcoin reached its all-time highs. Similar movements were observed in the 2014-2015 bearish market. This caused the final selloff before price action entered a pattern of accumulation. BCH appears to also have broken through two major trendlines of descending that run back at the recent market peak.
Despite the confusion and fear around BTC’s apparent retest support at 2018’s low price of $3,000, price action has now fallen below a major trendline that traces back to the all-time high of nearly $20,000.
Markets Update: Shelter Humanity Markets Break ATH Descending Trendlines
Although it appears that the break occurred over multiple times, the current weekly candle is not within the trendline’s reach and is still quite close.
Markets Update: Markets Break ATH Descending Trendlines
The 2014-2015 bear pattern was almost identical to the 2013-2014 bear pattern. After 15 months’ bearish fallout after the record $1,200 high at the end November 2013, it was finally broken. BTC would not attain a higher level for the next 10 month, but the breaking of this trendline served as a catalyst to both a test of the support at the low end of the downtrend line and the upper edge of the descending lines. The market shifted to the side, creating an accumulation pattern that lasted for several months.
BCH Breaks Multiple ATH Trendlines
BCH/USD appears have broken two major trendlines, pointing back to the market’s all-time high. In the process, they broke out from a range that had been guiding price since November.
Markets Update – Leading Markets Break ATH Descending trends
BCH saw a more than 50% increase in value over the next two weeks, as prices rose from $410 to $640. After prices failed above $650, a secondary ATH line was established. It led to selling pressure for six weeks. The upper trendline governed price action during this period. BCH saw sideways consolidation following a dramatic rally that occurred in mid-December. This led to a recent break of the secondary alltime high trendline.
BTC is a measure of BCH’s channeling behavior. It has spent most 2019 channeling sideways between 0.033 BTC 0.036 BTC.