Bitcoin Held Lower Channel Support - THUMBS UP!
BTC has held the bottom of the rising channel!
We're looking for an immediate rise to the middle of the trading channel with the potential for a re-test of the 10k resistance. Should bitcoin break to the low side, I believe the support at 7750 would hold well based on the support the rising channel has found. I do not see this happening, but it is definitely possible. When bitcoin breaks to the top side of the trading channel, I believe the target to be between 12-14k. The RSI has formed a higher high which I am interpreting as a bullish divergence.
These recent sell-offs have been needed for miners and other traders to reposition and to harvest profits to continue their operation. As miners and traders have liquidated, the selling pressure is getting relieved -- this, combined with a lower block reward will continue to lower the supply side sell pressure driving prices higher with demand.
We're looking for an immediate rise to the middle of the trading channel with the potential for a re-test of the 10k resistance. Should bitcoin break to the low side, I believe the support at 7750 would hold well based on the support the rising channel has found. I do not see this happening, but it is definitely possible. When bitcoin breaks to the top side of the trading channel, I believe the target to be between 12-14k. The RSI has formed a higher high which I am interpreting as a bullish divergence.
These recent sell-offs have been needed for miners and other traders to reposition and to harvest profits to continue their operation. As miners and traders have liquidated, the selling pressure is getting relieved -- this, combined with a lower block reward will continue to lower the supply side sell pressure driving prices higher with demand.
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