BTC Downward Channel
This channel was also obviously paired with the triangular formation that it broke out of on the 24th of September, but the channel is still relevant now.
There are many anchor points on both the top and bottom lines, and the heart-lines / cyan lines are being well respected both as support and resistance (as shown by the white circles).
- I am expecting that this consolidation along the heart-line is going to result in a slight impulse upwards due to the 4h, 12h and 1D Bullish Divergence on the RSI.
- Also, the 12H and Daily Stochs are heading upwards, same goes for the MACD with there being a fresh Bullish cross on the daily.
- There is immediate resistance at $8550, and support at the bottom of the horizontal range at $7750.
If BTC can break above and close a 4H candle above $8850 then a test to around $8900-9000 is likely as it also lines up nicely with a 0.382/0.5 Fibonacci, and the measured move breaking out of the consolidation zone.
As long as BTC is in the channel, I see no way for BTC to make any huge moves for the moment and for the immediate and mid-term I am 'bearish'. Let's see, as anything is possible with an asset like this...
There are many anchor points on both the top and bottom lines, and the heart-lines / cyan lines are being well respected both as support and resistance (as shown by the white circles).
- I am expecting that this consolidation along the heart-line is going to result in a slight impulse upwards due to the 4h, 12h and 1D Bullish Divergence on the RSI.
- Also, the 12H and Daily Stochs are heading upwards, same goes for the MACD with there being a fresh Bullish cross on the daily.
- There is immediate resistance at $8550, and support at the bottom of the horizontal range at $7750.
If BTC can break above and close a 4H candle above $8850 then a test to around $8900-9000 is likely as it also lines up nicely with a 0.382/0.5 Fibonacci, and the measured move breaking out of the consolidation zone.
As long as BTC is in the channel, I see no way for BTC to make any huge moves for the moment and for the immediate and mid-term I am 'bearish'. Let's see, as anything is possible with an asset like this...
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