Although BTC is making micro lower highs and appears to be creating a descending triangle on lower TF's, there's still a very strong support at current levels being at the bottom of this parallel channel and sitting on top of the ascending triangle pattern that now acts as support around $60k.
While the $60k support is quite strong, some bearish variables also need to be considered such as low volume and potential MACD bearish cross on daily TF. If price can push above $62,500 to form a higher high, I'll feel much more confident in the bulls. I was expecting this retest of the channel and ascending triangle support after breaking above it last week, as you can see in the price path I predicted in my earlier post, as it is very bullish if we stay above these levels.
While the $60k support is quite strong, some bearish variables also need to be considered such as low volume and potential MACD bearish cross on daily TF. If price can push above $62,500 to form a higher high, I'll feel much more confident in the bulls. I was expecting this retest of the channel and ascending triangle support after breaking above it last week, as you can see in the price path I predicted in my earlier post, as it is very bullish if we stay above these levels.
