Simple 4H Channel Down for BTCUSD

16 May 2018

The price is on a 4H Channel Down (RSI = 39.937, Highs/Lows = -90.5493, B/BP = -276.6680) with 8,391 the Resistance and 7,828.70 the support (and short TP). The 10,000 mark made 10 days ago is simply a Lower High on the greater 1D Channel Down (Highs/Lows = -549.9965). As you see on the chart, if the current Channel Down is a mirror pattern of the previous Channel Up then 7,828.70 - 8,354.80 is a Rectangle which can be scalped, before dropping to 6,820.80 by May 23.