Bitcoin’s Current Trading Channel

Bitcoin’s Current Trading Channel

BTC is in a defined price channel even though emotions are high and traders are getting jumpy. So far the channel has not been breached. We need to have a close above or below the channel to confirm a break. The was a lot of support today to pull us back into the channel which is significant so we will likely stay in the channel for longer. If we move outside the channel during the day it doesn’t matter at all - we are looking for a close outside before we have any kind of confirmation. I still think that we will have a bearish outcome though since our non-log scale line was officially broken yesterday. This move means that our best case scenario is consolidation. Brace yourself emotionally for a drop, but don’t necessarily try to trade it since emotions will be high and the drop will likely be short lived. It’s going to be an exciting few weeks leading up to Christmas!

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