Bitcoin Weekly: The Same Old Song

Still no luck for bitcoin as it remains within the same old channel. Even with stocks pushing to new highs and Saylor doubling down, it can’t seem to catch a break.

The short term break-out that I speculated on last week did not happen.

It still could. But for now bitcoin is stuck in the same old channel on the daily timeframe. In a parallel channel like this, we’re looking for a decisive break either way. To the upside, the 40 week EMA has now come down far enough that such a break-out could cross above it (pink link in chart). If that were to happen, that would show strength, and could be a good entry. However, for now bitcoin is staying firmly within the channel. And the trend is down, favoring a break the opposite way, to the downside.

On the weekly timeframe, the 72-76k area is where to look. If this area has now turned into support, there is some hope, at least in the short term. If not, get ready for a lower low.