BTC significant resistance $68k
2024-10-14

We have been in a descending channel for a while, we broke out of a long term ascending trend via this channel.  We had a fast wick lower a couple of weeks ago that threatened to chart an even steeper descent but as mentioned, sometimes single wicks can be ignored and it looks like that one was ignored.

As you can see in the chart, we reach top of descending chart at around $68k, its probable that it will pull back here as it has so many other times when it reached top of this channel, this is just statistical probability.  If we do break out it looks like our next major resistance would be around $72k which would be an attempt to reclaim our previous ascending trendline.  

Breaking that top of descending channel would offer a glimmer of hope and reclaiming that prior ascending support line would be bullish and really good for us. 

Again in all likelihood when BTC hits that $68k area (or wherever it is when we reach that top of descending channel) it will pull back and you should be very cautious about entering long here.  If it breaks that resistance, it will reduce risk at least up to ~$72k and then again excessive vigilance is called for.  Even now we are not far from that resistance line so be aware and pay attention to it.  Even if you dont trade BTC, BTC tends to affect alts even more significant than it impacts its own price.

This is not investment advice, DYOR!