Hinterland

Descending channel and bounce of 0.618 fib level.

Long
COINBASE:BTCUSD   Bitcoin / U.S. Dollar
BTC looks overall bullish despite the descending channel . BTC is still holding above the 200 Daily MA and the 50 and 100 daily MA have a bullish cross. The bounce off the 0.618 level could be an indicator for a channel breakout but I will be waiting for greater movements above the channel resistance and a confirmation bounce off the channel
Comment: Solid looking breakout! Waiting for retest of old channel
Comment: BTC may not retest the old channel if it breaks the next fib level completely
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.