Bitcoin Fenced In By Price Channels

Price channels are a wonderful thing, the show true support and resistance, and fence in market noise.

A sudden and sharp test of the downside was expected (see post 14 Aug 2019). 
 

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BTC


In Wyckoff logic terms the current (2019-09-24) sharp attack (10% drop) on price support lines still may qualify as a high volume spring, and of course will require further testing to prove it is not a dramatic sell off. We will wait and see.

Yes risks are very present and the not so good news of the go live Bakkt bitcoin futures contract has been used for such an attack on support lines. Yet this is a side note as bitcoin continues to be digital gold, plus for the big boys to get in they must maneuver prices lower to acquire volume to accumulate at discount prices. Mission accomplished!


Channel lines fencing in bitcoin market price action noise.

Short term view

 

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Bitcoin 1


Longer term view
 

Bitcoin 2

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