BTC/USD Weekly Chart
Bitcoin is pushing once again to get out of the descending channel and at first sight it looks like it is succeeding. We have the overall trading volume slightly increasing, the RSI confirming the price action and the MACD about to cross the signal line with a good momentum.
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BTC/USD Daily Chart
But upon a closer inspection, we can see that just above the top line of the descending channel lies the 200 day MA (grey), at ~9000$. Could this Moving Average act as the real top of the channel? I think so. We also have the RSI retouching and finding resistance at the overbought reference line and the MACD - Histogram flattening out - bulls losing it.
IMO we're out of the channel only if we surpass the 9000$ resistance (also a psychological level) and manage to close above it; or even safer, to have it as support in a future retrace. But until then, I'm still seeing the 200 MA on the weekly and the 5500$ level as a reality.