Bitcoin in rising channel, downside potential to 21.3k - 21.7k
We're in a rising channel and have been for some time.
It looks like everytime we touch or approach the top of the channel, we bounce down off it for about 7 days, hit the bottom of the channel and then in about 5-6 days reach the top of the channel again and repeat.
Eventually this channel breaks to the downside or upside as they always do.
Scenario 1 marked in blue, we've potentially hit the top of that channel. Scenario 2 in red, we have a few days more to go with a little bit more upside, perhaps 25k.
My opinion is that we break this channel soon and more likely to the downside due mainly to the macro-economic environment we're in. It will take people a while to realize just how much their purchasing and borrowing power has went down.
It looks like everytime we touch or approach the top of the channel, we bounce down off it for about 7 days, hit the bottom of the channel and then in about 5-6 days reach the top of the channel again and repeat.
Eventually this channel breaks to the downside or upside as they always do.
Scenario 1 marked in blue, we've potentially hit the top of that channel. Scenario 2 in red, we have a few days more to go with a little bit more upside, perhaps 25k.
My opinion is that we break this channel soon and more likely to the downside due mainly to the macro-economic environment we're in. It will take people a while to realize just how much their purchasing and borrowing power has went down.
