Bitcoin - channel rejection
Updated
Looks like bitcoin was rejected by the channel it was descending before the corona dump.
I'm cautious about what this means long-term, let's see what happens when bitcoin tests the 59xx level. I guess it will fail and retest the 44xx to 54xx range for some time.
If we bounce properly from the high 5k zone, we may just spike up through the channel... given current volatility and uncertainty, anything is possible.
In addition the 20ma and 500 ma (here day chart) are working against the price here. Honestly kids, don't long the 20ma after an 80% pump lol
I'm cautious about what this means long-term, let's see what happens when bitcoin tests the 59xx level. I guess it will fail and retest the 44xx to 54xx range for some time.
If we bounce properly from the high 5k zone, we may just spike up through the channel... given current volatility and uncertainty, anything is possible.
In addition the 20ma and 500 ma (here day chart) are working against the price here. Honestly kids, don't long the 20ma after an 80% pump lol
Note
Nice, bounce from zone of interest. Pump stopped just short of 20 day MA but is showing some bullish intention indicating consolidation.
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