Bitcoin in a tight channel
1 min read

Bitcoin in a tight channel

As you can see from the image below, BTCUSD is currently trading in a tight ascending channel. As this channel is formed after a massive move to the upside, it should be considdered a bullish setup, with expectations of further upside. However, this is bitcoin, and anything can happen.

If we use a meassure move, you can see the target to the upside would be just around the 59,000 level and the target to the downside would be just around the 51,000 level.

The zones highlighted in dark blue are support and resistance levels. As you can see, we do have two levels to get through in order to reach the target to the upside, where as the target to the downside alings perfectly with the next strong support leve.

At this point, I am slightly more bearish, but I will wait for a break to make up my mind.