I've combined a couple of things I have been looking for on $BTC into this one chart.
BTC is traveling in this main downtrend channel (MDTC) in blue and has reached a Historical uptrend channel (HUC)
They are about to meet.
The HUC goes back to 2013 bottom.
The bad thing is that $BTC crossed the middle of the MDTC, and a rule is that when price crosses the middle of a channel it goes to the opposite end, in this case down - this is not absolute.
$BTC is currently trying to remain above the middle of the HUC, close below it and it will go to the bottom of it.
Break that bottom and it will travel to the bottom of the MDTC. The bulls have a lot of work to do.
The bears are in control.
I've outlined some key support levels I think are important you can see the prices and the dates they come from. We are at one right now.
Now, there are a couple of descending trendline making channels at certain angles, the most critical to break out of for $BTC of right now is the one made out of three white lines that is a fast downtrend. All of these must be overcome before things can be called bullish.
The key thing then $BTC must remain inside the HUC or risk going to the bottom of the MDTC, and it must complete the crossing of the red solid downtrend to the upside, then cross the middle of the MDTC to the upside as well.
Until all of these are met things are not bullish
BTC is traveling in this main downtrend channel (MDTC) in blue and has reached a Historical uptrend channel (HUC)
They are about to meet.
The HUC goes back to 2013 bottom.
The bad thing is that $BTC crossed the middle of the MDTC, and a rule is that when price crosses the middle of a channel it goes to the opposite end, in this case down - this is not absolute.
$BTC is currently trying to remain above the middle of the HUC, close below it and it will go to the bottom of it.
Break that bottom and it will travel to the bottom of the MDTC. The bulls have a lot of work to do.
The bears are in control.
I've outlined some key support levels I think are important you can see the prices and the dates they come from. We are at one right now.
Now, there are a couple of descending trendline making channels at certain angles, the most critical to break out of for $BTC of right now is the one made out of three white lines that is a fast downtrend. All of these must be overcome before things can be called bullish.
The key thing then $BTC must remain inside the HUC or risk going to the bottom of the MDTC, and it must complete the crossing of the red solid downtrend to the upside, then cross the middle of the MDTC to the upside as well.
Until all of these are met things are not bullish