Bitcoin is currently facing rejection from a key horizontal supply zone while trading within an ascending channel. The 20 MA is aligning with the channel’s support trendline, providing a strong support base.
A breakout above the supply zone would confirm bullish continuation. However, a breakdown below the channel support could lead to further downside - monitor the price action closely.
A breakout above the supply zone would confirm bullish continuation. However, a breakdown below the channel support could lead to further downside - monitor the price action closely.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.