Good Afternoon traders.
As many of you already know, Bitcoin has been rising rapidly throughout Q2 2023. The point of this post is to entice those who don't to look at the bigger picture. Perspective is everything, and whether you're trading crypto spot or futures, stock or derivatives, be sure to identify key support and resistance trading channels to look for breakouts.
A breakout above the key resistance channel trending along
I drew my first trendline (support) on the bottom of the chart from the lowermost point on an hourly chart starting at the bottom of the candle of Thursday June 22nd at 10am and ending with a second point on Wednesday June 28th at 3pm, extended right, creating a trendline among the bottom channel.
I drew my second trendine (resistance) on the uppermost point of the candle of Friday June 23rd at 12:00pm, to the uppermost point of Tuesday June 27th at 10am, extending right, creating a trendline among the top channel.
You can expect BTC to trade within the trends, and look for major moves for when it breaks out. Being able to identify trends and chart channels should be a practice in every trader's knowledge inventory, and applied throughout their trading career on most charts, if not all.
*Remember to always apply alarms to these critical lines of support and resistance to help you identify breakouts.*
Thanks for reading, and happy trading / success!
As many of you already know, Bitcoin has been rising rapidly throughout Q2 2023. The point of this post is to entice those who don't to look at the bigger picture. Perspective is everything, and whether you're trading crypto spot or futures, stock or derivatives, be sure to identify key support and resistance trading channels to look for breakouts.
A breakout above the key resistance channel trending along
I drew my first trendline (support) on the bottom of the chart from the lowermost point on an hourly chart starting at the bottom of the candle of Thursday June 22nd at 10am and ending with a second point on Wednesday June 28th at 3pm, extended right, creating a trendline among the bottom channel.
I drew my second trendine (resistance) on the uppermost point of the candle of Friday June 23rd at 12:00pm, to the uppermost point of Tuesday June 27th at 10am, extending right, creating a trendline among the top channel.
You can expect BTC to trade within the trends, and look for major moves for when it breaks out. Being able to identify trends and chart channels should be a practice in every trader's knowledge inventory, and applied throughout their trading career on most charts, if not all.
*Remember to always apply alarms to these critical lines of support and resistance to help you identify breakouts.*
Thanks for reading, and happy trading / success!