$BTC
Although BTC's HTF support has held, we're still seeing the price oscillate within this descending channel, which has been forming since mid-September.
We've had multiple touches on both sides of the channel over the past two months.
Breaking through it would be the clearest indication of a local trend reversal. Although I don't necessarily think we'll head straight to new highs, it would allow the chart to stabilize and begin consolidating ahead of an eventual upward move.
To see a genuine trend reversal and a move toward $87K and beyond, we'd need a break of the trendline and a recovery of $81.5K. That would give us an internal structure breakout, targeting the range highs as the next destination.
Until then, you simply have to respect the channel until it breaks.
Although BTC's HTF support has held, we're still seeing the price oscillate within this descending channel, which has been forming since mid-September.
We've had multiple touches on both sides of the channel over the past two months.
Breaking through it would be the clearest indication of a local trend reversal. Although I don't necessarily think we'll head straight to new highs, it would allow the chart to stabilize and begin consolidating ahead of an eventual upward move.
To see a genuine trend reversal and a move toward $87K and beyond, we'd need a break of the trendline and a recovery of $81.5K. That would give us an internal structure breakout, targeting the range highs as the next destination.
Until then, you simply have to respect the channel until it breaks.
