BTCUSD: After elevator down, time to take the stairs up?
Updated
BTC suffered from a quite severe downward pressure just two days ago. Now that I am looking at the price action, it appears to respect a curved channel.
As it is apparent on the chart, BTC price advances have become less dramatic.
If you measure the difference in prices from the bottom of each leg (red line) all the way to the top you would get approximately:
- 20K increase followed by
- 16K increase followed by
- 14K and
- 12K increase from the most recent move up all the way to 64K
Now to the question: is BTC preparing for the next move up within this channel or will it revisit the lower support levels?
As it is apparent on the chart, BTC price advances have become less dramatic.
If you measure the difference in prices from the bottom of each leg (red line) all the way to the top you would get approximately:
- 20K increase followed by
- 16K increase followed by
- 14K and
- 12K increase from the most recent move up all the way to 64K
Now to the question: is BTC preparing for the next move up within this channel or will it revisit the lower support levels?
Note
After a little pause in the uptrend, back into the channel?
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