Bitcoin Price Analysis: BTC/USD Two Channels to Watch
The top of the smaller channel lines up with the mid-channel area of interest of the larger one, so there may be profit-taking at that $5,500 level. Stronger bullish momentum could take it past this area onto the very top of the larger channel around $5,700 to $5,800.
The 100 SMA is above the longer-term 200 SMA to confirm that the path of least resistance is to the upside. In other words, the climb is more likely to gain traction than to reverse. The 200 SMA dynamic support also lines up with the bottom of the smaller channel to add to its strength as a floor.
Source: BitcoinerX
Credits to the author