DrDovetail

BTC is back inside the green descending channel.

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
After 6 red 1 day volume bars in a row it appears like we will finally have our first green volume bar in awhile...looking back in the past at btcs volume history the longest stretch of consecutive red volume 1 day bars seems to be 6 so odds are quite good that today's volume bar and candle will both close green. We can see that the old top trendline of the descending channel (in green) is acting as resistance again. It currently sits at around 9300 and gets lower with every day that passes but I think we will find away to get back above it by the 15th of march or so. Believe it or not the inverted head and shoulder pattern is still in play though I have no confidence in it actually being validated anymore....I still keep it as a possibility though until it is fully invalidated. right now the best ebt is to remain neutral...and only buy in modest amounts under 9000 but don't risk any of your current position.
Comment: Looking very positive today as btc is back above the descending channel...after breaking through it previously a week or so ago it has now weakend its level of resistance making it easier to break above it a second time....we are still over 4 hours away from the close of the 1 day candle...but as of now it looks on course to close above the green descending channel again which is a very good sign if it does indeed do so. It's current resistance now is the T line(this time in blue instead of the traditional yellow) If we can close above the descending green channel trendline or better yet see that that line is now acting as support then I will switch from neutral to long
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