So it looks like BTC is now stuck in a pretty aggressive downtrend channel and the bulls are no where to be see.
Taking a closer look, it seems we have some important prices to keep an eye out for.
First we should look to see if the bottom of the uptrend channel will be tested one more time (Big green). I don't think it will but certainly an option to consider.
Once that clears, my interpretation of BTC's movements are described above in that I think a major line of resistance will be around 9K.
I say this because if you draw a downtrend channel starting at about 18K as your line of support, and then draw the top of the channel starting at BTC's ATH you'll see that once the market hit that bottom trend line wayy down at 10K there is heavy resistance and the same can be said about the middle and top of the channel so I found that pretty interesting. Anyways It looks like were still trapped in the BIG downtrend that started at the beginning of the year which means that once we start building momentum, who knows how low it will go. Right now I have a rough avg of where BTC would be. I did some regression at week long intervals however, I'm not too confident that its going to be the bottom if we get there (Bottom line in Red or roughly 6.5K).
Anyways I'm excited to see what happens, I think we might either see a big sell off in the next couple of days or something will happen in Asia that turns this boat the F*** around :)
Happy trading Y'all.
Taking a closer look, it seems we have some important prices to keep an eye out for.
First we should look to see if the bottom of the uptrend channel will be tested one more time (Big green). I don't think it will but certainly an option to consider.
Once that clears, my interpretation of BTC's movements are described above in that I think a major line of resistance will be around 9K.
I say this because if you draw a downtrend channel starting at about 18K as your line of support, and then draw the top of the channel starting at BTC's ATH you'll see that once the market hit that bottom trend line wayy down at 10K there is heavy resistance and the same can be said about the middle and top of the channel so I found that pretty interesting. Anyways It looks like were still trapped in the BIG downtrend that started at the beginning of the year which means that once we start building momentum, who knows how low it will go. Right now I have a rough avg of where BTC would be. I did some regression at week long intervals however, I'm not too confident that its going to be the bottom if we get there (Bottom line in Red or roughly 6.5K).
Anyways I'm excited to see what happens, I think we might either see a big sell off in the next couple of days or something will happen in Asia that turns this boat the F*** around :)
Happy trading Y'all.
Looks like the uptrend channel is being tested again. Hopefully we can see it break out and back into that luscious green. However, the volume isn't looking as promising as I want it to for that to happen so....Still looking pretty bearish on this one but if we do break out above the green line that does change things.
Cheers-