Is the price of BTC ready to break out and test the highs of the channel or is there enough weakness to push the price lower to test the lows of the channel?
We think the price is likely to fall because the price has slowly ascended while the volume decreased. This suggests that the market is not in agreement with the direction of the price. Also, the fib channels are lined up well with the current setup for a retrenchment.
However, there is a case to be made for the bulls as the price impulsed up and now it has already seen a minor retrenchment, got supported by the middle of the channel and is ready to continue up.
We would love to know what you think! Comment below as to where you see the price moving to.
Cheers and stay safe :)
We think the price is likely to fall because the price has slowly ascended while the volume decreased. This suggests that the market is not in agreement with the direction of the price. Also, the fib channels are lined up well with the current setup for a retrenchment.
However, there is a case to be made for the bulls as the price impulsed up and now it has already seen a minor retrenchment, got supported by the middle of the channel and is ready to continue up.
We would love to know what you think! Comment below as to where you see the price moving to.
Cheers and stay safe :)
Smart Crypto Association [ SCA ]
