BTC resisting the descending channel
So far it looks like BTC refuses to go back into its descending channel (red dashed lines), so it is looking more and more like a break out so far. Meanwhile, alts continue to gain ground against BTC. This in addition to support from the daily chart looks to be trending well for bitcoin.
If support above the top of the descending channel causes a bounce from here or if support continues into tomorrow, this could lead to a breakout back to the top of the ascending channel (blue lines). This would then give some good options to retrace back to the current price but then a lot more possibilities to head upward with support at the upward trending white line.
However, this is still shaky territory for BTC, as any simple drop below the channel or too far of an extension past out of the ascending channel could easily lead to a breakdown back into the channel which has quite a bit more downward potential.
It looks like the next day or so should give better confirmation one way or another, so it should hopefully not be much more time to wait to see if the uptrend is beginning or if the downtrend continues.
If support above the top of the descending channel causes a bounce from here or if support continues into tomorrow, this could lead to a breakout back to the top of the ascending channel (blue lines). This would then give some good options to retrace back to the current price but then a lot more possibilities to head upward with support at the upward trending white line.
However, this is still shaky territory for BTC, as any simple drop below the channel or too far of an extension past out of the ascending channel could easily lead to a breakdown back into the channel which has quite a bit more downward potential.
It looks like the next day or so should give better confirmation one way or another, so it should hopefully not be much more time to wait to see if the uptrend is beginning or if the downtrend continues.
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