As you can see with the overall downward channel, Bitcoin is hitting the peak of the channel again where it decides if we're going to breakout for a bull run or if we're going to continue within this downward channel and have the potential to fall down to new lows.
If you ask me, we built enough support around the $9K that I don't see is continuing this downward trend any further than that, but the potential is there and we're still in this downward channel.
I'd keep an eye on the next few days to see if we break out of this downward channel or if we're going to fall back down and test how strong our support really is.
If we break out, I expect to see a large head and shoulders pattern before we continue to see new highs.
Bulls ball, let's see if they can score.
If you ask me, we built enough support around the $9K that I don't see is continuing this downward trend any further than that, but the potential is there and we're still in this downward channel.
I'd keep an eye on the next few days to see if we break out of this downward channel or if we're going to fall back down and test how strong our support really is.
If we break out, I expect to see a large head and shoulders pattern before we continue to see new highs.
Bulls ball, let's see if they can score.