Bitcoin breakout on the weekly chart: Is the downtrend finally over?

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The weekly chart shows a clear breakout to the upside, suggesting that the seven-month downtrend may finally be over.

For the past four weeks, I’ve observed that the uptrend has remained stable, so I see no reason to open short positions or expect the #Bitcoin price to drop back to $50,000 or below.

The trend is your friend until the end. As long as the trend continues, my outlook for the market remains bullish.