DrDovetail

BTCUSD Continuing to stay inside Bearish Channel & above 200EMA

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Since BTCs             decline from its all time high in December you can see it hasn't gone outside of this downward channel (in green) and today so far seems to be no exception. Another extremely reliable line of support BTC             has not dipped under and has in fact bounced off of several times in the last 6 years or so is the 200 day exponential moving average (blue line) on the day chart. I predict that once again it will stay above both the bottom line of the green channel and also above the 200EMA. Set your stop losses an position exits accordingly...if it falls under that line I will be exiting my position but may increase my position slightly above those lines with the anticipation that it will bounce upwards.
Comment: The candles have toucheddown right at the intersection of the bottom channel line (green) and the 200 EMA (blue). since it's a crossing point of 2 different support lines it should continue to hold as I'm assuming they will reinforce eachother...however if the momentum of the bears and weight of the market is too much for them it could likely break under both and take us down to as far as 7000...I will be exiting the market shortly thereafter if that ovvurs and finding a lower pricepoint to reenter the market then hoping to find the point where the Bull market is back in full control...for now though we wait and watch... these next days being crucial.Even if it does break under the 200 ema and the channel line one positive of that would be the channel is finall no longer constraining the price and that way when we bounce back we can bounce far higher than the top channel line without worrying about it acting as resistance.
Comment: On the 30 minute chart the price has now now dipped below both lines of support. The most important close though will be on the day chart. If we close above the 200ema on the day chart then the channel may still be valid. ot looking good so far.
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