Can BTC break out of the channel?
Studying the 2 patterns (cyan dashed) the triangle being formed has a more bullish angle on the underside and could be a symmetrical triangle. We may have another crack at the top of the channel (yellow). If we can get through the channel (aprox 593-595) I think we'll go on to try crack 600 (I'm targeting 608-610). If the retrace is not too large (say no more than .618) and it holds I think we're good to go higher to touch the upper trend line on the larger time scale.
***update: 595 proved resistance and the price touched the top of the channel.The pull back was more than I was looking for. We're skirting along the bottom of the lower trend line. Not looking too strong. Be prepared to act accordingly on confirmed break out in either direction. I am staying out of position until a move is confirmed**
***update: 595 proved resistance and the price touched the top of the channel.The pull back was more than I was looking for. We're skirting along the bottom of the lower trend line. Not looking too strong. Be prepared to act accordingly on confirmed break out in either direction. I am staying out of position until a move is confirmed**
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