the only way bitcoin can go up is to break the channel upwards while crossing the averages up.
the 50 and 100 period moving averages act as a resistance while 200 period moving average can potentially act as a support in case the price goes down to the lower band of the channel.
the 50 and 100 period moving averages act as a resistance while 200 period moving average can potentially act as a support in case the price goes down to the lower band of the channel.