BTC has been rejected at an almost static 50 sma on 4 consecutive candles on the 8H, and has been rangebound between the 50 ema and the sma for the last 7 candles. It has been bouncing between the support and resistance of a bullish descending channel since March 11. It was also rejected at nearly the identical 50 sma on 2 8H candles on march 24.
The top of bullish descending channel is nearly coincident with the 50 sma. BTC is still trading near the top of the channel even after these 4 rejections, with the current 8H candle closing in 70 minutes.
I am bullish on a breakout above the 50 sma, especially on a retest and resumption upward, as it would likely be a straight shot at a previous ATH of 58354 (yellow line). If BTC cannot break through resistance, it may again trade down to the bottom of the channel at roughly $50k.
The top of bullish descending channel is nearly coincident with the 50 sma. BTC is still trading near the top of the channel even after these 4 rejections, with the current 8H candle closing in 70 minutes.
I am bullish on a breakout above the 50 sma, especially on a retest and resumption upward, as it would likely be a straight shot at a previous ATH of 58354 (yellow line). If BTC cannot break through resistance, it may again trade down to the bottom of the channel at roughly $50k.
