BTC - a run at the gates
We have:
- a higher low
- a breach of the major downtrend channel
- A "W" looking bottom formation
- major breach of of a down trending RSI resistance line
We don't have:
- a successful back test yet
- a higher high (back side of the W)
- a character change in volume
This will probably turn back around and look for support quickly. It's important where that is.
Any support above
46K is progress for BTC.
Failure to find support might find us touching 44k at the bottom of the red channel.
We really have to get above 55k and successfully back test until we can start having the "recovery" discussion.
However, this is what "seller exhaustion" behavior can look like.
- a higher low
- a breach of the major downtrend channel
- A "W" looking bottom formation
- major breach of of a down trending RSI resistance line
We don't have:
- a successful back test yet
- a higher high (back side of the W)
- a character change in volume
This will probably turn back around and look for support quickly. It's important where that is.
Any support above
46K is progress for BTC.Failure to find support might find us touching 44k at the bottom of the red channel.
We really have to get above 55k and successfully back test until we can start having the "recovery" discussion.
However, this is what "seller exhaustion" behavior can look like.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.