Rising channel on BTC
We see a clear uptrend looking at the hourly chart of BTC. The main cryptocurrency is testing the bottom of this channel now. The mood of most cryptocurrencies depends on the movements of digital gold. Note that the domination index reaches 53,75% it is a rather high level.
The price touched a channel twice during yesterday's. Both times this channel has kept the trend. We believe that the lower bound has become the level of support for BTC.
The support line should be used in trade and focus on it. However, this is a risky trade, because there is a possibility of reducing the resistance and activation of sellers. Re-checking of the rising channel is worth the wait at $4 700.
On the other hand, the movement below the ascending channel will increase the probability of falling to $3 000. The cryptocurrency market will lose large amounts of money and investors again.
What we need to do in this market? Our advice. Wait for confirmation above 50 EMA on the daily chart or a strong bullish reversal signal. Should not forget that we have a bear market in a strong downtrend, but while none of these conditions isn't not developed.