BTC correcting back to channel
Updated
Btc daily has been rejected by 200 MA trying to hold onto 8500 level. I am directional biased toward lower levels once’s prior swing low is taken, BTC will shoot toward lower channel. What will cancel this analysis is that we have a clean break above 9200 and break prior high of 9900. We may have a break above 9200 just to fill the sellers liquidity pool. Either way, short term bearish
Note
Update: The Market structure is still intact and if the day close as is today, we have effectively fired off a lower high, and likely to see a continuation pattern toward the lower level of this channel whilst RSI has plenty of room to run. 3 Key level to watch for: 8200-8300 level (weaker support), 7600-7700 level for 50 Day MA, and FIB 0.382, 6880.
Stay tuned and be patient!
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Sent an update with lower time frame to see what is going on intraday.
Note
Patience is key here. We have yet breaking out of my channel, and we are retesting 200 day MA again.
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