Two BTC channels possibilitiies
The dip I mentioned before looks to have started. However, it is interesting how there are two potential channels forming.
The ascending channel (blue dashed lines) looks to have support a little below the current price, so it should give a bit of support in the case that a rise and further dip occurs over the next day.
However, over the next few days there is still a good chance that bitcoin could fall into the descending channel (red dotted and dashed lines) and dip down further to near 54.5K after which bitcoin looks like it might find strong support (based on the Fibonacci retracement).
There appears to be some support for the first scenario as seen by the continuation bullish divergence (yellow dotted lines). However it is still rather early in the dip, and lots possible to happen over the next few days to confirm otherwise, particularly with trends related to ALTs in similar downward directions.
Either way, confirmation should be expected over the next few days, so it should be interesting to see which way it turns out. However, if you feel you see anything that looks to indicate one way vs. another, please feel free to leave a comment as well, as I would love to discuss.
The ascending channel (blue dashed lines) looks to have support a little below the current price, so it should give a bit of support in the case that a rise and further dip occurs over the next day.
However, over the next few days there is still a good chance that bitcoin could fall into the descending channel (red dotted and dashed lines) and dip down further to near 54.5K after which bitcoin looks like it might find strong support (based on the Fibonacci retracement).
There appears to be some support for the first scenario as seen by the continuation bullish divergence (yellow dotted lines). However it is still rather early in the dip, and lots possible to happen over the next few days to confirm otherwise, particularly with trends related to ALTs in similar downward directions.
Either way, confirmation should be expected over the next few days, so it should be interesting to see which way it turns out. However, if you feel you see anything that looks to indicate one way vs. another, please feel free to leave a comment as well, as I would love to discuss.
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