After the 3rd rejection form above 12k bitcoin fell consistently to the bottom of the newly formed descending channel & has bounced back from around 11450-ish. With the close of this 4h candle a bullish cross of the ma9 & ma26 (Tenkan-Sen & Kijun-Sen) is confirmed which might indicate that the correction is over & bullish trend continues.
From here the very...
As is in the chart, top of the channel is reached;
Bullish scenario, from here we’ll have some sideway movement for a few candles so that the Tenkan-Sen catchups up a bit, then a successful retest of the Tenkan-Sen to establish a clear baseline and a bullish break of the top of the channel into yet another higher price range.
Bearish scenario this proves to be...