BTC (and RHOC!!) Really Getting Down to Crunch Time BTC is stuck between a rock and a hard place. I think it will need to make a sharp move either up or down, and soon!
Orange line - The top of the down trend channel, which BTC just got smacked down from. For confirmation we are out of a short term down trend, BTC must break through this line.
Blue line - Trend line for our recent up rally. If BTC breaks below this I think it could mean a substantial move to the downside. To break it would mean also breaking the 200 ema, which is what it holding us up. It looks out of skew at the bottom because I drew it on the 1 day time frame, but this chart is a four hour chart.
Note: RHOC (R-Chain) is one of my favorite altcoins. Right now it is forming a PERFECT cup and handle pattern, which it broke above yesterday! If BTC moves substantially lower it will mean the end to that pattern as well, or, we could get the 'kiss goodbye'
What do you guys make of all of this?
