Channels provide the ability to determine how likely your trade is to be successful. This is done through something known as confirmations. Confirmations represent the number of times the price has rebounded from the top or bottom of the channel. These are the important confirmation levels to remember:
1-2: Weak channel (not tradeable)
3-4: Adequate channel...
I've noticed this huge Falling wedge that has been forming these last weeks/months. I don't think support will hold, but I'll only enter short position after price action goes below the 2 horizontal red lines.
200 EMA has now become resistance, bitcoin doesn't seem to be capable of breaking this resistance at the moment, I think it will go down soon enough. I'm currently not investing in BTC, just watching the charts.
In the 1H we can clearly see a head and shoulders formation.
In the 4H, it appears to be forming a bearish flag, as well as a big falling wedge.
If we follow the wedge, the bearish flag pole, fibbonaci retracement levels, as well as past support / resistance levels, we can predict the rebound target to be around the 7200 - 6900$.
I highly doubt it'll go up any...