The news is priced in now, everyone has had time to react to it. I have added to my daily chart a new fork.
We are still in an upward sloping channel see lines that are arrowed.
The new fork is a red down fork, not because its turned bearish but to watch for bounces off the red Upper Parallel line, arrow in green, bounces off that line would be bullish. a break down of red UP support would open horizontal support 109 and 65 targets The red ML and LP also provide some support/targets.
We do not know yet which fork is in charge so am Neutral and out of the market. Having closed longs on the news.
What is not good for the bulls is that the action is still bellow the older Blue Fork's Lower Parallel arrowed in red. That is providing resistance. Until support on it is regained BTCUSD is in risk of expanding its range within the blue and red lines that are arrowed. expanding prices higher highs lower lows, or it makes a wedge formation, eitherway it sets up for a megaphone like pattern or a wedge and a big move.
The break will show the new trend/direction. .
We are still in an upward sloping channel see lines that are arrowed.
The new fork is a red down fork, not because its turned bearish but to watch for bounces off the red Upper Parallel line, arrow in green, bounces off that line would be bullish. a break down of red UP support would open horizontal support 109 and 65 targets The red ML and LP also provide some support/targets.
We do not know yet which fork is in charge so am Neutral and out of the market. Having closed longs on the news.
What is not good for the bulls is that the action is still bellow the older Blue Fork's Lower Parallel arrowed in red. That is providing resistance. Until support on it is regained BTCUSD is in risk of expanding its range within the blue and red lines that are arrowed. expanding prices higher highs lower lows, or it makes a wedge formation, eitherway it sets up for a megaphone like pattern or a wedge and a big move.
The break will show the new trend/direction. .