BTC Testing Resistance

An update to an earlier analysis on BTC. We are right up against the major resistance now dating back to end of June on the daily chart. Watching for a breakout later today as an entry point for longs. If the resistance test fails then it could quickly turn to a short and there would be potential for a significant price drop within the range of the descending channel. This could be compounded if the price were to drop below key price levels for mining operations.