As you can see, BTC is now at the bottom of a valid short term channel At this point it will either: - Find support and rally to upper channel limit (or midway in the more short term) or - Exit the channel to the downside, forming a new bearish trend down to next support
- My indications on long timeframes and charts on 4 hr timeframes are signalling that BTC will stay in this channel and rally: - MACD histogram appears to be at peak selling momentum - Stochastic is signalling a crossover and has already crossed on the shorter timeframes - RSI not at limit
- I have entered a long in this position at $44,220 - Stop loss is set just below next support at $42,500