BTC is currently in two down-sloping parallel channels.
It has formed a lower high, and lower lows to confirm this channel.
The white smaller channel has been going since almost the start of this nasty move downwards, and there has been strong support and resistance at points along the channel. Especially where BTC based off at the local low but didn't break it.
This led to a break of the heart-line, and now a test at the top edge of it.
- Currently also finding resistance at the cyan fib channel line for the past four 4 hour candles as they have not been able to breach that line, for now.
If this cyan line breaks to the upside, obviously with a break of the white parallel channel, I would be looking for a move up to at least the red heart-line coming in around 10800ish, and likely to find resistance also from previous price levels.
The red heart-line is key, as if it is broken to the upside, that may likely mean a test of the top of the dark blue channel to potentially create a lower high again, or break the channel to the upside.
Also, these channels can still be broken to the downside, as the higher time frame oscillators like the stochs are suggesting strong negative momentum.
It has formed a lower high, and lower lows to confirm this channel.
The white smaller channel has been going since almost the start of this nasty move downwards, and there has been strong support and resistance at points along the channel. Especially where BTC based off at the local low but didn't break it.
This led to a break of the heart-line, and now a test at the top edge of it.
- Currently also finding resistance at the cyan fib channel line for the past four 4 hour candles as they have not been able to breach that line, for now.
If this cyan line breaks to the upside, obviously with a break of the white parallel channel, I would be looking for a move up to at least the red heart-line coming in around 10800ish, and likely to find resistance also from previous price levels.
The red heart-line is key, as if it is broken to the upside, that may likely mean a test of the top of the dark blue channel to potentially create a lower high again, or break the channel to the upside.
Also, these channels can still be broken to the downside, as the higher time frame oscillators like the stochs are suggesting strong negative momentum.
