Overall trend, macro descending channel, micro ascending channel
Daily chart:
We have a strong support that has hold the price action 3 times in the last 6 months (July 2017, September 2017 and February 2018).
This support seems strong and BTC will difficultly fall below this support.
We have as well a descending channel that is still in play and we are approaching the resistance of it. This resistance matches as well the upper Bollinger band. Two reasons that could contribute to reject the price down.
1h chart:
We have a well formed ascending channel.
Scenario A (most likely): Price action can be rejected by the resistance of the bigger descending channel, and market would temporary shift bearish and potentially re-test the historical support of the daly chart.
Scenario B (less likely): The short term ascending channel will go through the resistance of the macro descending channel and the bear will continue.
Key level to watch: Teal square from $10,100 (if bellow market shift bear) to $11,800 (if above, we continue higher)
We have a strong support that has hold the price action 3 times in the last 6 months (July 2017, September 2017 and February 2018).
This support seems strong and BTC will difficultly fall below this support.
We have as well a descending channel that is still in play and we are approaching the resistance of it. This resistance matches as well the upper Bollinger band. Two reasons that could contribute to reject the price down.
1h chart:
We have a well formed ascending channel.
Scenario A (most likely): Price action can be rejected by the resistance of the bigger descending channel, and market would temporary shift bearish and potentially re-test the historical support of the daly chart.
Scenario B (less likely): The short term ascending channel will go through the resistance of the macro descending channel and the bear will continue.
Key level to watch: Teal square from $10,100 (if bellow market shift bear) to $11,800 (if above, we continue higher)