Bitcoin violated the falling trendline resistance on Dec. 4. So far, however, that has failed to invite buyers in numbers.

A UTC close above the Nov. 29 high of $7,870 is needed to invalidate the lower-highs set up and confirm a bullish reversal. That will likely yield a quick move higher to $8,500–$8,672 (61.8 percent retracement of the drop from $10,350 to $6,511). 

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