BTC has broken downward into a descending channel (red dotted lines) as I had mentioned was a likely scenario in previous posts (NOTE: Channels have been adjusted just slightly upward to match the trend).
As I had mentioned before, this is the likely "good" case scenario for BTC as it sets up a slight retracement upward (as is occurring right now) then sets up an opportunity (but not a guarantee) to head down again to around 54.5K-56K to create a nice inverse head & shoulders pattern (as diagrammed, assuming the current right shoulder has not already set) signaling a likely (but not guaranteed) continuation upward for bitcoin.
However, there is still a bit of time to confirm any descending trend, and additionally there is still a bit of resistance downward to be met (as indicated by the white trend line that has been forming since February), but either way I just wanted to point out the trending channel and resistance in case anyone missed the trend change.
So far I am still waiting further confirmation by any other oscillators, but also as always, I am interested to discuss any confirmations or opinions to the opposite trend, so if you have any thoughts, please leave a comment!
As I had mentioned before, this is the likely "good" case scenario for BTC as it sets up a slight retracement upward (as is occurring right now) then sets up an opportunity (but not a guarantee) to head down again to around 54.5K-56K to create a nice inverse head & shoulders pattern (as diagrammed, assuming the current right shoulder has not already set) signaling a likely (but not guaranteed) continuation upward for bitcoin.
However, there is still a bit of time to confirm any descending trend, and additionally there is still a bit of resistance downward to be met (as indicated by the white trend line that has been forming since February), but either way I just wanted to point out the trending channel and resistance in case anyone missed the trend change.
So far I am still waiting further confirmation by any other oscillators, but also as always, I am interested to discuss any confirmations or opinions to the opposite trend, so if you have any thoughts, please leave a comment!