Bitcoin is touching the bottom support in the current channel. Will the support hold and push the price up again or will it break and go further down?
If the price break the current structure, BTC could suffer more downside correction.
Could the price action do a repeat of what happened back in Jan 25th?
Bitcoin has a potential bear flag with a descending triangle on the hourly chart. This is a bearish pattern and could mean lower prices in the short term. Since BTC has been overbought on the daily chart, it wouldn't be a surprise.
If it breaks to the downside I would expect support around €8600-€8700, which would line up pretty well with the supporting trend...
BCH is testing both the 200 day simple moving average and a major downwards trendline. A breakout above those could be a very bullish sign for BCH.
BCH has already broken above the 100 day moving average and gotten support from it. Time will tell if the 200 also can turn into support.
A possible bullish reversal for Bitcoin is present now that the downwards wedge has been broken. All is not clear yet though. For confirmation we need to see a few things first.
1. Confirmation on the volume. We need to see larger volume candles.
2. We need to break above the previous high.
3. We need a bullish signal on the MACD.
If all goes well we could be...