BTCUSD: Break-out or Rejection?

Bitcoin has been trading on a clear Channel Down on 1W (RSI = 40.933, MACD = -740.500). The neutral Highs/Lows = 0.0000 suggest that the formation is on the Lower High zone and the chart confirms it. This typically calls for a rejection towards a Lower Low. However we previously had a distinct formation on this pattern with a -10.90% break below the Channel Down (December 06 - 17). This sequence can occur again if the upper Resistance line of the Channel breaks to the upside. As long the price trades below, BTC will continue to be in range of 3,400 - 4,100 looking for the next opportunity to break-out.







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