BTC is still channel-bound on the daily chart. The channel lines up nicely with the SMA(20) and EMA(21), which are also common points of resistance in a bear market.
If it doesn't break through the channel soon, there is little hope of returning to a bull market in the near term.
If it doesn't break through the channel soon, there is little hope of returning to a bull market in the near term.
Note
The SMA(20), EMA(21) band is being tested repeatedly. Watch for the break-through or the rejection.
Note
Also, never sleep on the BTC 4-hour chart. BTC is approaching the SMA(200) on the 4-hour chart very near the 20-day moving averages on the daily chart.
A rejection of the 4-hour SMA(200) would be a confirmation of more pain to come.
Note
The price closed above the SMA band yesterday, but immediately bounced back down into the channel. Still a time to wait and see.
Note
Again, the 4-hour chart tells the tale. The SMA(200) on the 4-hour chart was the key rejection area.
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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.