So I just noticed that BTC is nicely in a descending channel (red dashed lines) but also showing some bullish divergence in the upward channel (white lines on RSI and on price). I don't necessarily think this is any type of guarantee of a continuation back upward, but this does make me wonder a little if BTC is at the bottom of an upward channel.
The long term bearish divergence is indeed great however, but there are still many alt trends that are right at the cusp of a reversal of their own bullish trends that I wouldn't say that everything is guaranteed doom and gloom just yet if they are just dipping into the bottom of their own channels to build ammunition back upward.
It looks like the red channel has 50K or so as the local bottom, so I am curious if that too will hold or if the channel itself might also be invalidated. If the channel support does hold, this also makes me wonder if BTC is about to be in a downward channel that could become a bull flag over the next few weeks as well. I suppose time will tell.
The long term bearish divergence is indeed great however, but there are still many alt trends that are right at the cusp of a reversal of their own bullish trends that I wouldn't say that everything is guaranteed doom and gloom just yet if they are just dipping into the bottom of their own channels to build ammunition back upward.
It looks like the red channel has 50K or so as the local bottom, so I am curious if that too will hold or if the channel itself might also be invalidated. If the channel support does hold, this also makes me wonder if BTC is about to be in a downward channel that could become a bull flag over the next few weeks as well. I suppose time will tell.