Bitcoin's Channel to Freedom from the Bears
At the time of writing, Bitcoin is facing resistance at the 4H 200MA.
However there is a clear channel BTC has formed since the bounce at the 5.9k USD area. Keeping this channel on watch into the next week or two so we can see if BTC holds it, or breaks above or below.
However there is a clear channel BTC has formed since the bounce at the 5.9k USD area. Keeping this channel on watch into the next week or two so we can see if BTC holds it, or breaks above or below.
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Update 1: BTC went over the 4H 200MA, and it's currently testing the top of my channel, at ~10,750. 1 hour left in this 4H candle, would love to see it close above the channel, and then open a new green candle.
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Update 2: Bitcoin has broken out of the top of my channel, currently ~ 11,100 on Coinbase, and the next target seems to be the overall bearish trend line. Past few days have been good for BTC, let's see what the next few hours bring.
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Update 3: The two successive 4H candles have been red, showing a failed breakout of the channel. Retraced to the bottom of the 1H ichi and caught at a small bounce right now (~ 10,150), and some quick buys came in, taking it to ~ 10,360
