The price action made it clear that the Channel Up was in charge, as BTC used the Higher Lows trend-line as a Support and rebounded right off of it. This time on the (very) long term, we are presenting the case for a new Channel Up and how likely it is to succeed Bitcoin’s historic Logarithmic Curve/ Channel.
The support rests at 49145.03 with resistance at 49485.03 which the price is above the Pivot Point at 49317.77 located between the lines. The EMA of 10 is showing a bullish bias in the ascendant channel, and it crossed the EMA of 100 and the EMA of 200. Both EMA of 100 and 200 are moving upward and generating a buy signal. The RSI is moving above the level of 70, the MACD histogram is in positive territory with the signals showing upward momentum and the Stochastic is moving in high ranges. The ADX is not showing a clear signal.
The price is below the Ichimoku Cloud and the Chinkou Span is far away the market price. The Tenkan-sen and the Kijun-sen are both showing an upward momentum.

• There is resistance at 49485.03, followed by resistance at 49657.77 and 49997.77.
• There is support at 49145.03 Below, there is 48977.77 and 48637.77.

Note: We do not suggest any investment advice, and these analyses are just to increase the traders’ awareness but not a certain instruction for trading.

btcanalysis