Hey Guys
*Quick disclaimer this is not financial advice, I am an amateur investor and any decisions should be based on your own research and not my speculations.
Bitcoin had been travelling in a downward parallel channel before breaking with strength to the upside. We then have points of support and resistance indicating an upward parallel channel.
We have seen some weakness on the upside with long-wicked candles, the 4 hour and daily 200 EMA (sitting approximately $40,000 and $40800 respectively) is appearing to be a difficult barrier to break convincingly so far. Volume is low in each direction, however if a breakdown continues to form we could expect a retest of the previous downward channel.
This would be at approximately $37,600.
If these breaks then we could retest the lower trend line of the upward parallel channel at approximately $36500.
Right now we are seeing support at the mid point of upward trendline at $38,800.
What do you guys think, are we heading down, are we going to rebound or are we going to see a little more sideways before more upside?
*Quick disclaimer this is not financial advice, I am an amateur investor and any decisions should be based on your own research and not my speculations.
Bitcoin had been travelling in a downward parallel channel before breaking with strength to the upside. We then have points of support and resistance indicating an upward parallel channel.
We have seen some weakness on the upside with long-wicked candles, the 4 hour and daily 200 EMA (sitting approximately $40,000 and $40800 respectively) is appearing to be a difficult barrier to break convincingly so far. Volume is low in each direction, however if a breakdown continues to form we could expect a retest of the previous downward channel.
This would be at approximately $37,600.
If these breaks then we could retest the lower trend line of the upward parallel channel at approximately $36500.
Right now we are seeing support at the mid point of upward trendline at $38,800.
What do you guys think, are we heading down, are we going to rebound or are we going to see a little more sideways before more upside?