By Fernando Luna
Bitcoin priced in Dollars has hit channel support at this morning’s 6618 low. The channel I am using is a regular Elliott Wave channel progression taken from the June Aug 6th and Oct 26th highs and ran down from the Oct 23rd low.
Notice the tag at lower channel support on arithmetic scale below. The log and Daily closing chart also is holding channel support.
On the daily chart the channel slope is holding price nicely as you can see in the chart below. Plus the 50% retracement runs right across same lower channel trend line support.
And Elliott Wave count is also most likely done. This wave two at Intermediate degree could be done. The move down form this years high counts a nice double zigzag the near 6818 low. Chances are good the pair is heading back up to upper channel resistance.