BTC pushing the top of the descending channel on the 4h chart
After the 3rd rejection form above 12k bitcoin fell consistently to the bottom of the newly formed descending channel & has bounced back from around 11450-ish. With the close of this 4h candle a bullish cross of the ma9 & ma26 (Tenkan-Sen & Kijun-Sen) is confirmed which might indicate that the correction is over & bullish trend continues.
From here the very bullish scenario is for bitcoin to break the top of the descending channel & close above ma50. The more reasonable bullish movement is for the price to trend sideways between 11650 & 11850 for a number of candles, test ma50 once, retest ma9, make sure everything is good, all is well & finally close above 11900 in about a day & half from now.
The brearish scenario would be to simply drop again from the top of the channel through the ma9, ma26 to the bottom of the channel for a test of the 4h ma200 which is currently at about 11250. And the very bearish move would be to break clean through the 4h ma200 & go for a test of the daily ma50 which is currently at about 10700.
That's about it for now; lest see how the situation will develop.
DISCLAIMER: in case it is not obvious, this is NOT a trading advice.
From here the very bullish scenario is for bitcoin to break the top of the descending channel & close above ma50. The more reasonable bullish movement is for the price to trend sideways between 11650 & 11850 for a number of candles, test ma50 once, retest ma9, make sure everything is good, all is well & finally close above 11900 in about a day & half from now.
The brearish scenario would be to simply drop again from the top of the channel through the ma9, ma26 to the bottom of the channel for a test of the 4h ma200 which is currently at about 11250. And the very bearish move would be to break clean through the 4h ma200 & go for a test of the daily ma50 which is currently at about 10700.
That's about it for now; lest see how the situation will develop.
DISCLAIMER: in case it is not obvious, this is NOT a trading advice.
Comment:
If this 4h candle closes above 11590 the upward trend -since the low of 11450- is still intact; we'll have a 3rd higher low & a chance for an upward move. If not, next support is daily ma26 at about 11490 & then 4h ma200 currently at about 11320 (slowly rising.)