Quick follow up on the price analysis from a few days ago as we now have some answers on price direction.

# Price Action
As you can see BTC has traded lower after hitting it's head on the top of the descending channel line and we have no officially closed a daily candle back below the psychological level of $10K. :-(

In the video below I get into all the levels, but basically on the downside the 200 day MA (blue line) is now in play and then down to the long-term trend line in the mid 7k's area.

Upside, we need to close above 10K again, then we can talk about trying to establish above 12K and breaking out of the channel.   Anyway, I have my hooks in the water at both ends........now we wait to see which fish will bite!


<iframe width="560" height="315" src="https://www.youtube.com/embed/i9Lvs5CbWq0" frameborder="0" allow="autoplay; encrypted-media" allowfullscreen></iframe>

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Disclaimer:  All info in this post is my opinion and for educational use.