looking at 4hr chart. BTC has broken above the descending channel and is moving sideways along a previous support/resistance line.
three possible movements to watch for in the coming hours or day. (use chart to reference price action, not timeframe)
1 - price bounces off bottom of support line around $8100. If enough momentum, could push through resistance at $8300 and up towards $8500
2 - price does NOT bounce from $8100. Any sign of weakness at $8100 could trigger sell. The sell could be violent and price could move to next support $7500
3 - price may find support again at 8000/7800. I do not consider this very possible as it has been at this price for so long without a move.
three possible movements to watch for in the coming hours or day. (use chart to reference price action, not timeframe)
1 - price bounces off bottom of support line around $8100. If enough momentum, could push through resistance at $8300 and up towards $8500
2 - price does NOT bounce from $8100. Any sign of weakness at $8100 could trigger sell. The sell could be violent and price could move to next support $7500
3 - price may find support again at 8000/7800. I do not consider this very possible as it has been at this price for so long without a move.
