BTC has been correcting from its ATH since march, but it appears to be ripe for another surge as we near the holiday season and the RSI is settling back towards the middle. As long as we don't break below the bottom of the channel that has formed over the past couple years, it should be uphill from here.
A daily close above 44,700 could signal a big bullish move, though it could go back down to 40,000 first.
Also, for the first time since December, the 20EMA is above the 50EMA, which is a bullish signal.
This past year we have seen higher highs and higher lows in price action paired with lower highs and lower lows in the RSI 14. Watch for a trend reversal on the weekly in the coming months, as it could signal a sharp drop in price.
While the past week has been an underwhelming reprieve from the major downswings we've been seeing, I'd need much stronger upward moves to convince me this downtrend is over.
