Bitcoin Descending Channel ($4250 Is Possible)

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Bitcoin is trading perfectly within a descending channel facing the upper end of it as resistance. This same level is marked on the chart as EMA50, the next barrier to break for a move higher.

On the 8th February, Bitcoin had a high volume breakout above EMA10. This moves fulfilled all the requirements of a strong breakout and now additional bullish action is expected.

So let's take a look at some of the signals:

  • The retrace has been really strong, with Bitcoin holding all of its value. Virtually no retrace so far.
  • The RSI remains bullish .
  • The next move will happen soon, the sooner the better, and I am seeing $4150 - $4250 as possible, this is where MA99 and EMA100 meet each other.
  • Looking at it on a shorter time frame, 4H, $3800 is the next barrier to break. If Bitcoin can break $3800 with strength and momentum, expect $4150 - $4250 to be tested next.

Chart (4H TF):
Conditions for change: If the bulls don't follow up on its last candle and momentum wains, you can expect a retrace. The next immediate support is sitting at EMA10 ($3600), followed by $3460. These levels are very likely to hold if Bitcoin moves down. If they don't, the next support is at $3215 for the double bottom .

This is all for today... Which way do you think Bitcoin will go?

Share your comments and charts on the comments section below.


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Bitcoin (XBT) LONG trade for 100%+ ROE:
Comment: BitTorrent (BTTBTC) update:
Comment: Check out my trade ideas for Enjin Coin and Solve.Care, remember to show your support by hitting LIKE... Thanks!


Comment: Pure sideways the past four days. Hopefully, it will break out when the daily candle closes in 25 minutes...
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Alan failing Master
majorlee emrelg
@emrelg, aww thats a bit harsh man, guy puts in loads of efforts man, respect needed!
@emrelg, Can you do better mate. If not shut your mouth.
emrelg Brentnelson
@Brentnelson, check my profile absolutely I can do better
emrelg emrelg
emrelg Brentnelson
First we break 3,800 then psychological 4k. then 38.2% fib at 4.4k will be heavy resistance. let's see. bull pennant holding so far.

Would love to see a continual rise as our traders are up 4.27% right now! Great TA man!
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