Bitcoin is reaching a decisive moment as it approaches the 200 MA. As you can see its traveling upwards in a zigzag motion in a rising channel. The 200 MA is slowly declining towards the price action. Bitcoin is currently sitting in the mid area of the channel. The Rsi looks healthy and there is plenty of room to run, aside from the resistance. Multiple scenarios may play out here.
1- Bitcoin manages to muster up some strength and barrels through the moving average. The rsi is looking healthy and pointing upwards.
2- Bitcoin will test the 200 MA again and fall to the bottom of the channel (blue dotted line) where it will have to decide whether it wants to give it another try.
3- Bitcoin will fall hard and continue its decline past the channel, in order to gather some fresh money and momentum. This will throw the market into a tantrum, where new lows are very possible.
1- Bitcoin manages to muster up some strength and barrels through the moving average. The rsi is looking healthy and pointing upwards.
2- Bitcoin will test the 200 MA again and fall to the bottom of the channel (blue dotted line) where it will have to decide whether it wants to give it another try.
3- Bitcoin will fall hard and continue its decline past the channel, in order to gather some fresh money and momentum. This will throw the market into a tantrum, where new lows are very possible.