As we all know - BTC has been trading in this sideways downwards parallel channel for some time now.
However it has once again failed to break above midway of this channel, which is always an indicator of weakness, and signals a further downwards move incoming.
Using my Indicator though, The technicals are leaning more towards a bullish direction. The RSI is in an accumulation period, with the MACD signalling Bullish, and the overall trend signalling an uptrend, when we look at the candles now, we can see that the 7d MA has just broken above the baseline, while the 25d MA has managed to stay above the baseline. The 7d MA has yet to break above the 25d MA though - And it is also important to note, that the baseline has dropped.
I would not be surprised to see the price action play further down here, before a rally back up, similar tow hat we have already seen within this channel.
However it has once again failed to break above midway of this channel, which is always an indicator of weakness, and signals a further downwards move incoming.
Using my Indicator though, The technicals are leaning more towards a bullish direction. The RSI is in an accumulation period, with the MACD signalling Bullish, and the overall trend signalling an uptrend, when we look at the candles now, we can see that the 7d MA has just broken above the baseline, while the 25d MA has managed to stay above the baseline. The 7d MA has yet to break above the 25d MA though - And it is also important to note, that the baseline has dropped.
I would not be surprised to see the price action play further down here, before a rally back up, similar tow hat we have already seen within this channel.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.