Btc is approaching the mid line of the Downward channel.
If it passes the mid-line it should see a fast sell off to the bottom of the bottom downward channel.
We should see a Full Reversal starting when we cross any of the 3 lines moving upward. Hopefully we can enter the bottom channel, get in some good long positions, and start moving towards the new high for the year.
Each line will cause support, and then on the way up resistance. Day traders can make a little money at these points, but I wouldn't Risk too much here.
Bears and Bulls are going to be viscous at these points and may not allow for much sideways action or very large bounces of the lines.
I would expect small resistance and then string break thrus at each line once the reversal starts
** I will short on any break thru of these lines on a downward break
** I will add to my Long positions at every upward break thru
*** The upside to everything is that even if we do go further down after a upward break thru, I will be happy with these long positions.
If it passes the mid-line it should see a fast sell off to the bottom of the bottom downward channel.
We should see a Full Reversal starting when we cross any of the 3 lines moving upward. Hopefully we can enter the bottom channel, get in some good long positions, and start moving towards the new high for the year.
Each line will cause support, and then on the way up resistance. Day traders can make a little money at these points, but I wouldn't Risk too much here.
Bears and Bulls are going to be viscous at these points and may not allow for much sideways action or very large bounces of the lines.
I would expect small resistance and then string break thrus at each line once the reversal starts
** I will short on any break thru of these lines on a downward break
** I will add to my Long positions at every upward break thru
*** The upside to everything is that even if we do go further down after a upward break thru, I will be happy with these long positions.
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