Bitcoin Sees New Price Support From 7-Year-Long Rising Trendline

With the number of strong support levels increasing for bitcoin, the bitcoin bears are facing an uphill battle.

The latest addition to the list is the support of the trendline connecting the November 2011 and August 2016 lows, currently at $5,830.

Up to Oct. 31, the two key support levels were the 21-month EMA and the trendline drawn between the June and August lows.

In particular, the 21-month EMA was the level to beat for the bears till last month, meaning a close below that support would likely have revived the sell-off from the record high of $20,000 seen last December.

While the 21-month EMA still remains a crucial support, the new make-or-break level is the seven-year-long rising trendline.

That's because the trendline support, which was located around $5,300 last month, has now moved closer to the current price and is seen rising above $6,300 in December.

On the monthly chart, a break below the trendline support of $5,830 would strengthen the bear grip and allow a drop to the psychological support of $5,000.

The bulls would feel emboldened if the cryptocurrency produces a strong bounce off that key support.

View The 7-year-long-rising trendline is the new level to beat for the bears.

Bitcoin image via Shutterstock; charts by Trading View.