Bitcoin bear channel adjusted to March 5th highs
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The overriding structure that has been containing bitcoin since December is the parallel down channel. The channel has been adjusted to identify March 5th highs as the third rejection of the upper boundary of the channel instead of February 20th highs which was previously considered the third rejection.
Two things to note with the adjustment of the channel:
1.The channel has become slightly less aggressive and has left room for further upside to potentially revisit 10,000 resistance
or 11,000, the top of the channel. This extra breathing room for upside while still being contained within the overriding structure is directly in line with my analysis on other major cryptos (ethereum, ripple and neo).
2. With the upper boundary of the channel being adjusted for the March 5th highs, the lower boundary has been adjusted accordingly. The less aggressive angling of the lower boundary is now more relevant to the price action than previous placement as January 17th and February 2nd lows are incorporated, lending greater credibility to the new adjustment of the overriding structure.
Two things to note with the adjustment of the channel:
1.The channel has become slightly less aggressive and has left room for further upside to potentially revisit 10,000 resistance
or 11,000, the top of the channel. This extra breathing room for upside while still being contained within the overriding structure is directly in line with my analysis on other major cryptos (ethereum, ripple and neo).
2. With the upper boundary of the channel being adjusted for the March 5th highs, the lower boundary has been adjusted accordingly. The less aggressive angling of the lower boundary is now more relevant to the price action than previous placement as January 17th and February 2nd lows are incorporated, lending greater credibility to the new adjustment of the overriding structure.
Note
4-hour chart view. A closer look at the newly adjusted lower boundary of the parallel channel. Note
There is in fact two parallel channels in play. The original and 'adjusted' channels. Both are valid and cannot be ignored.
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