Bitcoins price tags the 233 MA, bottom side of the channel. So what next? I'd like to see the week close with the this weeks candlestick closing with a long shadow. Will it happen? time will tell, does it have to? not necessarily. But we need to break out of the channel to confirm in the next couple of months.
The first chart is an hourly chart with the waterfall channel, at the very bottom of the chart is the 5th wave channel on the hourly could potentially be the low. We have to break out of the channel first to confirm.
Note: The second from the bottom chart channels are equal in descending angle ........2013 - 2015 channel and 2018 channel (in purple). The shitty thing is we're below ascending support / resistance. We need to see the price above 6000 before February to continue higher and then make new highs. If it doesn't, then sideways or new lows.
On the optimistic side.
If we break the channel before the end of the year coincidentally Dec. 17th, exactly 1 yr from the top (bottom chart) we retrace to February then up.
We'll have to see how this unfolds.
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So in ending........ Use critical thinking and think for yourself.
