BTCUSD
BTC has a lot of work to do, and not much fuel in the tank with which to do it, if it is to surge ahead to begin making higher highs towards $10500. As we can see in the daily chart, first it will need to regain and confirm support at the 50 MA, then almost immediately do the same for the 20MA, while breaking out of its current declining channel. But this is not all, it break a confirmed line of resistance (in blue) then break back out above the long-term channel that's been in place since the all-time-high in 2018. There might always be that potential for BTC to break out in an amazing way, however, that is definitely fighting against gravity and is the path of maximum resistance, with declining trading volume and bullish confidence.
On the other-hand, the path of least resistance is definitely open to the downside, with minor support at $9,050 and stronger support around $8,632. with a strong attractor at the coincidence of the 200 MA and bottom of the current channel at $8,333. However, if on the way to $8,333 we bounce off $8,632 in a fake rally, that once again drops below it, we could see the activation of a large Head & Shoulders pattern that might push the price through to 200 week MA at around $6,400. coincident with the mid-line of the longer term declining channel.
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