Bitcoin is now trying to break out of it's descending channel.
-Price has touched the upside of the channel twice and it's bottom 3 times;
-It rejected twice the support zone of 6400-6700;
For this to be confirmed as a real breakout and make a big move to the upside, wait for a decisive 1D candle close above the channel. Price might test the 8800-9000 zone (which coincides with the 200MA) and make a slight move down, probably re-testing the channel, before the bigger move to the upside.
But remember this is a volatile market and there's still a possibility of this being a bull trap, that's why you should wait for a good confirmation before entering any position. Use your stop-losses.
This is not financial advice.
-Price has touched the upside of the channel twice and it's bottom 3 times;
-It rejected twice the support zone of 6400-6700;
For this to be confirmed as a real breakout and make a big move to the upside, wait for a decisive 1D candle close above the channel. Price might test the 8800-9000 zone (which coincides with the 200MA) and make a slight move down, probably re-testing the channel, before the bigger move to the upside.
But remember this is a volatile market and there's still a possibility of this being a bull trap, that's why you should wait for a good confirmation before entering any position. Use your stop-losses.
This is not financial advice.
Comment:
There also might be a bullish divergence, looking at the RSI
