BITCOIN Rejection on the 1D MA50 maintains the Channel Down.

Bitcoin (BTCUSD) is on the third straight red 1D candle following Monday's rejection (and closing below) on the 1D MA50 (blue trend-line), the short-term Resistance MA. This maintains the medium-term Channel Down but at the same time the long-term Channel Up since the start of the year remains unbroken.

The 1D MA100 (green trend-line) is the first line of Support and if it holds, we will go long only when the price closes above both the 1D MA50 and Resistance 1 (28500). The target is, as stated on previous analyses, the 1W MA100 (red trend-line) at 32500. Note that the fact that the 1D MACD made a Bullish Cross on Saturday, empowers this probability.

On the other hand, a 1D candle close below the long-term Channel Up, makes the short-term Channel Down prevails and should extend selling towards the 1D MA200 (orange trend-line), which has been untouched since March 10. In that case, our target will be Support 2 (24000). The risk is low with this break-out strategy on the current levels, so plan your trades accordingly.

Which break-out do you think will prevail? Feel free to let us know in the comments section below!

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