BTC channel

Updated

Just posting this idea as something to check on later to see how it pans out. BTC has been in a down trend for a while now, and recently it attempted a breakout, but got pulled in this week with great volume. The market seems depressed. There are a few zones that might provide support (orange boxes), but untill BTC breaks out of the down trend properly, things aren't looking good.

Note

Seems BTC has escaped the narrowing falling wedge, and is currently trying to fight the main downtrend. If it succeeds, that is good news. It also has some XABCD pattern qualities happening there.

Note

In terms of the descending channel things are looking good. Bitcoin broke out of the main downtrend again as it did when testing the 11600 for a second time. I've used that test to extend the down channel range, as I believe it needs to break that resistance too. Once it does that it should be able to move up beyond that 11600 point. But this is stricktly in terms of channels, not taking into account the resistance formed by moving averages.

stuff

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