BTC looks overall bullish despite the descending channel. BTC is still holding above the 200 Daily MA and the 50 and 100 daily MA have a bullish cross. The bounce off the 0.618 level could be an indicator for a channel breakout but I will be waiting for greater movements above the channel resistance and a confirmation bounce off the channel
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Solid looking breakout! Waiting for retest of old channel
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BTC may not retest the old channel if it breaks the next fib level completely