Two main trading channels at play right now. Friday was a test of support for the black channel. Good news is that the black channel held but it has broken back into the purple channel.
IMO, if we close next week below the black channel support, then there is more downside. Once we are in the purple channel, there is a long way down that we could see over the next year.
On the positive side, if the price can stay inside the black channel, then we have a good chance at a double bottom and could see a nice rally. If the rally can break the red down channel, then I think we could see price make it back to the 16,000 range. However, I see this as the best we will see for years to come.
1D with 20 day EMA and 200 day SMA
IMO, if we close next week below the black channel support, then there is more downside. Once we are in the purple channel, there is a long way down that we could see over the next year.
On the positive side, if the price can stay inside the black channel, then we have a good chance at a double bottom and could see a nice rally. If the rally can break the red down channel, then I think we could see price make it back to the 16,000 range. However, I see this as the best we will see for years to come.
1D with 20 day EMA and 200 day SMA
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