DSchutz

Watching the Blue Channel

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
In my last update, BTC was trading at LTS-1 and the 200-day MA, with some hope that things could turn around quickly. With those levels now broken, and BTC actively trading below AND rejecting reclamation of both levels, we may see continued weakness. However, the blue downward channel appears to be intact. With that in mind, I wouldn’t be overly bullish until the blue channel is broken to the upside. In the event we do not see a bullish breakout, we may see further deterioration of price action down to LTS-2.

As always, remain vigilant.

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