It looks like a pretty obvious channel that BTC is in right now. This is evident from the numerous times it has rejected from key lines (like the top, and the heart-line), and has also been supported five times by the bottom line.
This might not end well though for bitcoin, as it could end up becoming a very large bearish formation before another leg down.
This current price action does look promising for now, and I would expect a bounce off this region, at least to the cyan line. Potentially this might lead to another larger pump towards the red heart-line.
Bitcoin often forms parallel channels, and I expect this to be the same, especially because of the consecutive higher lows that have formed so far.
What are your thoughts on this?
This might not end well though for bitcoin, as it could end up becoming a very large bearish formation before another leg down.
This current price action does look promising for now, and I would expect a bounce off this region, at least to the cyan line. Potentially this might lead to another larger pump towards the red heart-line.
Bitcoin often forms parallel channels, and I expect this to be the same, especially because of the consecutive higher lows that have formed so far.
What are your thoughts on this?