BTC has recently broken out from ascending channel (blue lines) and ascending wedge (blue dashed lines) support. Ultimately it looks like it has merely extended a downward descending channel (red dotted and dashed lines) over the next few days. However, if BTC is to bounce, there are some good Fibonacci supports near 57K and 54.5K (the latter of which looks to have stronger support).
However, there is not much validation downward, so ultimately this looks like sideways action for bitcoin from what I can tell, likely to have more effect on ALTs than any dramatic effects on bitcoin in the short term, but it should be interesting if the downtrend continues or is able to bounce and reverse over the next few days. I am still thinking downward to 54.5 K seems the strongest support, but if anyone sees any stronger support or any upward trends I am missing, I would love to hear your thoughts, so if so, please drop a comment.
However, there is not much validation downward, so ultimately this looks like sideways action for bitcoin from what I can tell, likely to have more effect on ALTs than any dramatic effects on bitcoin in the short term, but it should be interesting if the downtrend continues or is able to bounce and reverse over the next few days. I am still thinking downward to 54.5 K seems the strongest support, but if anyone sees any stronger support or any upward trends I am missing, I would love to hear your thoughts, so if so, please drop a comment.