Big ascending channel

Big ascending channel

Bitcoin / Dollar BITFINEX:BTCUSD


BTC             has been in an ascending channel now for nearly 1 week. Support and resistance trendlines are currently holding well. For a price breakout target it should be the height of the channel, so $8200 for a bull breakout $7200 for the bear. MACD has had a bearish cross on the 15 to 4hour timeframes, so looking more like a breakdown at the moment, but if going long here an entry at 7587 with stops at 7547 would be an okay entry if you’re leaning bullish for another test of the upper channel trendline . The upside for the bulls is that currently RSI is going downwards towards oversold which may cause a bounce, and the Stoch RSI is at the bottom which normally means a push upwards. Not financial advice. Happy trading everybody, lets make some money!