A Look at BTC Trajectory + Next Move Timing On BLX Weekly
The BLX weekly chart is providing a very clear picture of the (likely) timing for Bitcoin's next big move, the move that will break us out of the downward channel we've been in since our 14K peak, and which direction we can expect that move to be in according to the price action over the next 2-4 weeks.
You can see that the volume signature is projecting BTC to break out of the channel by late Feb./early March.
You can also see that we've been struggling to get back above the major-support-turned-major-resistance area of 7800.
If over the next few weeks we stay below the 7800 level and can't get back above it to once again make it support, then the channel break in late February will almost certainly be to the downside.
However, if we can get back above the 7800 area and confirm it as support, then the channel break will almost certainly be to the upside.
Cheers and happy trading.
You can see that the volume signature is projecting BTC to break out of the channel by late Feb./early March.
You can also see that we've been struggling to get back above the major-support-turned-major-resistance area of 7800.
If over the next few weeks we stay below the 7800 level and can't get back above it to once again make it support, then the channel break in late February will almost certainly be to the downside.
However, if we can get back above the 7800 area and confirm it as support, then the channel break will almost certainly be to the upside.
Cheers and happy trading.
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