BTC in a Downtrend Channel
Please be noted that I'm just giving the possible higher or lower levels developing according to the chart patterns. It's my own analysis. You should conduct your own research when making a decision.
Bitcoin is trading in a downtrend channel. It is also trading under 20-day EMA and 50-day SMA.
Today the price is affected by the trendline inside the channel.
If Bitcoin manages to break out the trendline, it may go to $12000 target which is also the upper resistance of the channel. Any fresh long position should be opened on a breakout of the trendline.
Conversely, If any new dips happen we should look for the previous low around $5800 to go long, as long as it is not broken down.
Bitcoin is trading in a downtrend channel. It is also trading under 20-day EMA and 50-day SMA.
Today the price is affected by the trendline inside the channel.
If Bitcoin manages to break out the trendline, it may go to $12000 target which is also the upper resistance of the channel. Any fresh long position should be opened on a breakout of the trendline.
Conversely, If any new dips happen we should look for the previous low around $5800 to go long, as long as it is not broken down.
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