BINANCE:SUBBTC has had a breakout of it's semi long downtrend channel (Shown in red) that stretches back to early Jan. It has not broken through the channel's 1.75 and 2 deviations (Black lines) yet. It is currently testing the upper and lower lines of the breakout pitchfork channel. The 4H had failed it's first attempt to break the 6050 sat resistance (orange line). If the next few candles fail to stay within the trend change channel. It could get sucked back into the red downtrend channel. Who knows how low it could touch if this does happen.
On the 1D chart it is pushing against this resistance still shown here.
This is similar with the 1W chart shown here.
This is currently below the 78.6% fib from the all time high which could be a sign of cheap buy in zone for people looking to secure long positions.
Keep an eye on the new few candles. This trend change channel could fail to hold letting the price fall further. It could break out to the up since this had retraced pretty far down. Currently there is a large buy wall waiting. I see some interest in this. My personal signal for long positions is after the candles have moved above the orange resistance line.
On the 1D chart it is pushing against this resistance still shown here.
This is similar with the 1W chart shown here.
This is currently below the 78.6% fib from the all time high which could be a sign of cheap buy in zone for people looking to secure long positions.
Keep an eye on the new few candles. This trend change channel could fail to hold letting the price fall further. It could break out to the up since this had retraced pretty far down. Currently there is a large buy wall waiting. I see some interest in this. My personal signal for long positions is after the candles have moved above the orange resistance line.
4H chart