Yesterday I posted my views on Bitcoin and the S&P 500 and since the NYSE is closed on weekends I will do my analysis on BTC only. If you followed me yesterday, I spoke about how BTC had been on a downward trend and had yet to break out of the long-term downward channel.
Looking at the 1 hour chart, you can see how BTC just broke out of the downward trend and is looking to test or break out of the larger downward channel it has been trading within for the previous month. This will be a very important day as we are about to see if we will be starting a new long term uptrend for possibly the next couple weeks to month or if we will continue this downward trend.
If we do see resolution of this downward channel expect to see the price to climb towards the upper resistance line shown in yellow. This will mark conclusion of the running flat we are currently making and will find out if we have more downside after that or if this is a larger uptrend.
If you are not already in your trades for BTC, I would wait until it breaks through the channel and gives you a buy signal before entering into the markets because this could be just testing the upper resistance line of the channel and could fall back down once again.