BTC seems to be forming a huge upward channel. This is more evident on the weekly charts. If this is correct, then we are currently testing the upper bands. Will price be able to break through the channel? or will it go down?
There are two possible scenarios if a channel is true.
Scenario A - we consolidate a bit and pierce through the upper channel bands, reaching for higher highs and higher ATHs...
Scenario B - we fail to break resistance and plunge back down to the middle of the channel - reaching for the 16k zone...
Time will tell
There are two possible scenarios if a channel is true.
Scenario A - we consolidate a bit and pierce through the upper channel bands, reaching for higher highs and higher ATHs...
Scenario B - we fail to break resistance and plunge back down to the middle of the channel - reaching for the 16k zone...
Time will tell
I think price might possibly retrace a little before making new heights.