Bitcoin is bouncing off support and moving towards resistance.

Hi Guys

The chart shows BTC vs USDT on the 8 hourly on Coinbase.

Bitcoin is bouncing off the June 2021 ATL (Green Horizontal Line), which is seemingly providing a level of support so far.

Bitcoin is about to re-enter a downward parallel channel (Red Lines) in which you can see has formed strong price points ( support/resistance ) with the white highlights.

Breaking this channel with strong volume would be a bullish move.

Right now we are getting a lot of side action but it will have to end at some point.

What are your thoughts guys, bullish or bearish?

Like if you agree.

Many thanks,

Disclaimer: Not professional Advice
Comment: Bitcoin has hit the lower parallel channel line. The bullish response would be a double 8 hour close above 30.4k. Also strong volume to keep the impulse going.


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