Bitcoin: We need a Channel Break

Lions and tigers and BEARS....oh my! Call the current downtrend in bitcoin whatever you like; here is the bottom line...

We are In a Descending Channel

If you look at the daily chart of Bitcoin (as I do in the below video) you can see a clear descending channel that we need to break.

A push above 6,500 would do the trick and would also get us on the right side of a price area that has seen several pivots and rallies in the past.

Otherwise, we will continue to stair step down in what is starting to look like bear flag pattern after bear flag pattern.

I discuss it all below...

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Disclaimer: All info in this post is my opinion and for informational purposes only