BTC in sideways channel
After the recent consolidation in BTC's price, we've seen price action move sideways for the past few weeks now.
Applying a Fibonacci retracement/extension, we see the key 50% levels (roughly 12,629 and 15,535 respectively) have acted as support and resistance over the past few weeks, breaking the 50% extension (resistance) once but then retracing.
The trend line (blue) has also been quite resilient, and it is possible that (in conjunction with a cross between the 100 and 200 hour moving averages [red and yellow MA lines]) we could perhaps see further upside towards the resistance level once again.
Applying a Fibonacci retracement/extension, we see the key 50% levels (roughly 12,629 and 15,535 respectively) have acted as support and resistance over the past few weeks, breaking the 50% extension (resistance) once but then retracing.
The trend line (blue) has also been quite resilient, and it is possible that (in conjunction with a cross between the 100 and 200 hour moving averages [red and yellow MA lines]) we could perhaps see further upside towards the resistance level once again.
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