Decent breakout of the diagonal line of resistance which has held BTC back since November. Although volume seems kind of weak and we did not make a higher high.
BTC found resistance at the .236 fib level with coincides with the top of a rising channel.
Coincidentally the measured breakdown of the pattern would place us back at $33k potentially setting up a macro double bottom. A break to the upside has a measured move around $48kish.
In my opinion as long as we don't make a higher high, meaning breaking $44k, we are still in a bear trend. Although my expectation is that we'll see some sideways action for a while forming a strong base of support between $40k-$33k.
BTC found resistance at the .236 fib level with coincides with the top of a rising channel.
Coincidentally the measured breakdown of the pattern would place us back at $33k potentially setting up a macro double bottom. A break to the upside has a measured move around $48kish.
In my opinion as long as we don't make a higher high, meaning breaking $44k, we are still in a bear trend. Although my expectation is that we'll see some sideways action for a while forming a strong base of support between $40k-$33k.
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