BTC Moving Down the Channel

Bitcoin is in a downtrend.

After reaching a new a new low ($45,467), BTC bounced back into the middle of the channel and into the value area. With momentum and volume, the naked POC (TP1) or the POC (TP2) may be touched, and a bounce back into the channel and downward may ensue.

Conversely, if the VAH is flipped, we may see acceptance into a new channel with the possibility of higher highs.

Happy trading.

-Melonfarmer

Comment:

The levels have been somewhat respected, although the value area was not filled and the nPOC was not touched.

After a fall to the daily support of $46,000, a short squeeze may push prices back toward to the top of the channel.