BTC Price Discovery
Updated
BTC target: 24k and hopefully 25k
BTC has been consolidating for price discovery in the last few days near the EMA's. I believe we might be able to break through and continue the bull channel and make higher highs. The breakout of the triangle gives us a good range of where we should be taking some off the table. If we do hit those ranges, we should expect some heavy resistance and possibly a bear channel (Red dotted channel) forming for more consolidation. If the bear channel fails to form we should expect higher highs into 25k region where we'll face an even bigger resistance. 25k is a psychological zone so expect us to get chopped around for sometime there.
BTC has been consolidating for price discovery in the last few days near the EMA's. I believe we might be able to break through and continue the bull channel and make higher highs. The breakout of the triangle gives us a good range of where we should be taking some off the table. If we do hit those ranges, we should expect some heavy resistance and possibly a bear channel (Red dotted channel) forming for more consolidation. If the bear channel fails to form we should expect higher highs into 25k region where we'll face an even bigger resistance. 25k is a psychological zone so expect us to get chopped around for sometime there.
Trade active
Please keep in mind that we still need to close above 24k and confirm its support in that area before making any higher moves. Expect alt coins to follow through.Note
Targets are still the same, however, it seems like BTC has built a new bull channel. We are still in the bull channel as the green dotted line has kept us up with higher lows. The red dotted lines are potential bear channels that have yet to form and could potentially form when we reach the bottom. We need to continue to close above the green dotted channel to consider this a bull run for the short term. Anything below could cause a dump to the larger bull channel (Green channel). Anything below the green channel would be considered the start of a potential bear channel (Red dotted line).
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