Green lines are support, red lines are potential resistance. Purple line is 1st profit target.
BTC is holding a parallel channel inside a descending channel. Price continuing to hold above the green line will signal a potential channel break of the upper Red line, marking the supply zone of the descending channel. Break & hold of this descending channel will have BTC primed to retest the purple line, as previous supply. Price remains above the 50SMA signaling the bulls still have momentum.
BTC is holding a parallel channel inside a descending channel. Price continuing to hold above the green line will signal a potential channel break of the upper Red line, marking the supply zone of the descending channel. Break & hold of this descending channel will have BTC primed to retest the purple line, as previous supply. Price remains above the 50SMA signaling the bulls still have momentum.