Hi guys and gals, apologies for my absence, lets take a look at what the Juggernaut has been up too!
Taking a look at the Coinbase 1Day candles, we can see the original down trend channel that I have been following since it formed.
Notice how the prices have failed to break out, yet we have remained in the top part of the channel.
This is bullish momentum considering we have failed to revisit the botom half of the channel with the last “crash”.
We can see that the buyers stepped in close to 7k and pushed prices back up into the 8k zone.
Critical support is around $7300 for me with 8000 – 8200 being the first line of defense.
Resistance is heavy above 8600 and the bulls have a lot of work to do to get this market to breakout.
Keep an eye on 8800 – 9000 for a possible break to the 12k zones, safe trades.