Btc consolidating in a descending channel on the 1 day chart

4 days ago

If bitcoin can flip the 1 day 50ma(in orange) back to solid support it should confirm a breakout from this yellow descending channel it has been consolidating in. If it were to do so where I blacked the vertical dotted yellow lne the target would be about 105k or so. *not financial advice*

4 days ago

Note

Reaching this breaout target would take price action towards the top trendline of the bigger weekly chart bullflag we have been consolidating in (not shown here). We wouldn’t be able to break out of that weekly pattern until we flipped 107k or so to solidified support but heading to the target of this daily descending channel would be a great first step.