#BTCUPDATE - 31.8.21 - DOWNWARD CHANNEL CONTINUATION
#BTCUPDATE - 31.8.21
DOWNWARD CHANNEL CONTINUATION
BTC looks like it had started forming a downward channel yesterday and it was confirmed with the recent rejections. Yesterdays analysis was just $92 off before rejection.
The current state of play looks pretty "predictable" imo with some key points to target noted on the chart.
A lot of bullish volume just dropped directly on the 20DEMA so it does look like the whales are trying to hold the price now and if we can get above and hold above $48k and push for a break up out of this channel then it should be a pretty bullish next few days failing that then $46.2k is almost guaranteed. Losing $46.2k and breaking down on the channel will see $44k quickly come into play.
My play atm is break and hold above $48k then long to $49.3k and if we lose $47.3k then to look to short to $46.2k
DOWNWARD CHANNEL CONTINUATION
BTC looks like it had started forming a downward channel yesterday and it was confirmed with the recent rejections. Yesterdays analysis was just $92 off before rejection.
The current state of play looks pretty "predictable" imo with some key points to target noted on the chart.
A lot of bullish volume just dropped directly on the 20DEMA so it does look like the whales are trying to hold the price now and if we can get above and hold above $48k and push for a break up out of this channel then it should be a pretty bullish next few days failing that then $46.2k is almost guaranteed. Losing $46.2k and breaking down on the channel will see $44k quickly come into play.
My play atm is break and hold above $48k then long to $49.3k and if we lose $47.3k then to look to short to $46.2k
