BTC - Still in Downtrend Channel, Looking to test 200 EMA
On my last chart description I mentioned we're still in the downtrend channel, all of which is part of a larger retracement from that big move up. I also mentioned that the price might look to test the 200 EMA which appears to be happening so far.
The last high was a LOWER high from the previous high, which still supports a down direction. If price finds strong support at the 200 EMA and bounces up that would form a HIGHER low which might start supporting an uptrend. However for a real change we'd have to see price break through the downtrend channel (Pink line). By my system the 12 EMA (Blue) would also have to cross over the 36 EMA (Red) to the upside.
Since nobody can predict the future we just have to keep patient and watch the moves.
Cheers!
The last high was a LOWER high from the previous high, which still supports a down direction. If price finds strong support at the 200 EMA and bounces up that would form a HIGHER low which might start supporting an uptrend. However for a real change we'd have to see price break through the downtrend channel (Pink line). By my system the 12 EMA (Blue) would also have to cross over the 36 EMA (Red) to the upside.
Since nobody can predict the future we just have to keep patient and watch the moves.
Cheers!