BTC Breaks Into Old Channel

Bitcoin is in a downtrend.

For the first time since the December 4th crash, BTC has escaped its well-defined downward moving channel and into another downward moving channel. Higher highs are possible, but we must first maintain control of the weekly support.

If we do hold this support zone, we may see movement to the upside of the channel (~52.5k) followed by a continuation downward.

Happy trading.

-Melonfarmer

Comment:

We've respected the bottom trendline of the channel, which should offer support as we consolidate below the weekly support. We may go sideways for a few days before either a push to upside or downside.

Always remember: max pain.

Happy trading.

-Melonfarmer

Comment:

PA showing acceptance into the channel. I think we'll either consolidate here or fall back down to retest the weekly.