BTC moved above the downtrend consolidation channel earlier than I anticipated, with volumes confirming this change in trend.
The breakout occurred on the 14th of October.
Currently, there is a low chance that the price will return to the bottom of the channel at 53k-50k, in my opinion.
I guess the price will just retest the top of the channel at around 64k-62k and continue to the upside, probably to the higher part of the channel at around 73k, maybe a little more.
On the weekly chart, volatility is still low on BBWP (13th percentile), while on the daily chart, it is at the 63rd percentile, with extremes around the 85th-95th percentiles.
So, there is still momentum to continue to the upside.
The breakout occurred on the 14th of October.
Currently, there is a low chance that the price will return to the bottom of the channel at 53k-50k, in my opinion.
I guess the price will just retest the top of the channel at around 64k-62k and continue to the upside, probably to the higher part of the channel at around 73k, maybe a little more.
On the weekly chart, volatility is still low on BBWP (13th percentile), while on the daily chart, it is at the 63rd percentile, with extremes around the 85th-95th percentiles.
So, there is still momentum to continue to the upside.
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Related publications
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.