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Bitcoin to test downwards descending channel
BTCUSD:
We've now properly broken out of the downwards descending channel on the daily.
To validate, we need to test the uppermost line from above and make it support, not resistance to validate this move.
Also, you'll see the RSI on the 4hr and 1hr for example (usually high to signal overbought and low for oversold conditions) stay really high, even whilst the price keeps motoring higher - this is normal. It's time to zoom out and focus on higher timeframes. Lower tfs serve as useful entries when in a solid bull regime.
Thank you
We've now properly broken out of the downwards descending channel on the daily.
To validate, we need to test the uppermost line from above and make it support, not resistance to validate this move.
Also, you'll see the RSI on the 4hr and 1hr for example (usually high to signal overbought and low for oversold conditions) stay really high, even whilst the price keeps motoring higher - this is normal. It's time to zoom out and focus on higher timeframes. Lower tfs serve as useful entries when in a solid bull regime.
Thank you
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