Bitcoin has moved up or crossed the Descending Channel which this script has been following since December. Currently, Bitcoin is trading at $11604 level which is up 4.17% from yesterday's close of $11140.
Though Bitcoin has yet to close its today's session above Descending Channel still conviction is visible to get out of correction zone.
The above chart is also suggesting the new up channel which Bitcoin is following which started after price hits low of $5700 recently.
If Bitcoin close above Descending channel Bitcoin will get itself in the neutral zone and closing above the next resistance level of $12800 mark will resume its uptrend.
At the end, I must add that the new position in Bitcoin can be taken on buying side with a stop loss below upper trendline of descending channel.
With that said, I am winding up this short update.
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