Bitcoin at the Bottom of Descending Channel

Aug 31, 2021

BTCUSD is at the bottom of a descending channel, and if we get some support here this could make an excellent entry point for a long. However, if we break and close below this support level, that would be a good signal to go short. However, I predict that the long potential is higher than the short potential, and taking a short here is riskier because it's betting against the channel's continuation, which is statistically less likely.