Can BTC Break Through?
Updated
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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