I feel safe and warm in this channel for bitcoin. I will post a larger timeframe so you can see where this 'channel' is coming from. I think this can go two different ways. I think the slow grind is the safest and will make money for those in alt and will also lead to a new high. That way is the green line. It will also build a very nice base for up for future launch. The other way is a blast off up. I think it may be short lived and will bounce of the resistance created by the hourly lower highs....the same hourly lower highs I established the short idea off of before the dip. So I think a quick bounce to 38000 will require us to make a higher low and therefore a double bottom. Either that or we fall through to visit these high 20s everyone is talking about.
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Of course this is very dependent upon the DXY which has a decision to make very soon. I'm going for down after a touch of 91. Which would mean btc linger a bit with possibly a small move down with a sharp move up thereafter as DXY would need to form a higher low or it will fall off a cliff. Nota
Zoomed out DXY If you look at daily chart it form a giant M and looks like its falling off a cliff with a brief pause here
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Green line in channel would be nice a few more confirmations and we could maybe trade range with low risk for entertainment while our larger position in BTC moves higher. As this ranges I would keep an eye on ALTs. I am looking to buy LINK soon.Nota
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