It looks like BTC broke out of a descending channel (red dashed lines), but will it stay out is the question.
There is now an ascending channel (blue lines) going on inside the downward channel, so it could easily indicate a bear flag that can break back into the channel. At the same time, staying out of the channel would be really positive news for BTC, particularly if it were to keep ascending and/or bounce off of the top of the descending channel (potentially around 55K over the next week).
The next few days look to be the key moments to watch if BTC will head to potentially lower into the channel or continue it's uptrend out of it. However, with so many ALTs starting to wedge as a result of all this movement, this makes me wonder if there will be a few ATL breakouts leading to BTC to follow suit.
There is now an ascending channel (blue lines) going on inside the downward channel, so it could easily indicate a bear flag that can break back into the channel. At the same time, staying out of the channel would be really positive news for BTC, particularly if it were to keep ascending and/or bounce off of the top of the descending channel (potentially around 55K over the next week).
The next few days look to be the key moments to watch if BTC will head to potentially lower into the channel or continue it's uptrend out of it. However, with so many ALTs starting to wedge as a result of all this movement, this makes me wonder if there will be a few ATL breakouts leading to BTC to follow suit.