BTCUSD WATCHING A POTENTIAL BULL FLAG BUT BE CAREFUL OF A TRAP!?
Looking at BTCUSD amongst a major earnings week with the likes of Tesla and Microsoft already out of the gate, with others like Facebook coming today. We can see that BTC is looking pretty strong after another correction from our previous trade and ATH, we can now see that we are back up to a trend line we had set from a prior set up now holding fairly strong but with a slight lack of volume. If we manage to hold the trend line as support and continue to move within our falling channel we may well see a breakout of the channel towards the upside. Giving us sight of our long term 1.618 retracement level from our high time frame be the 61k mark! of course before making any move we need a good confirmation within our support levels, our volume and confirmation that we can hold the upper side of the parallel channel.
Our most recent resistance being the 55.8k mark which coincides with the 200 period EMA on our charts. Giving we manage to break the channel and the 200 EMA, our first target would be previous high at 56.3K second potential resistance at as further 57K mark also.
What do you think? Are you Long or Short, let me know in the comments down below!
Our most recent resistance being the 55.8k mark which coincides with the 200 period EMA on our charts. Giving we manage to break the channel and the 200 EMA, our first target would be previous high at 56.3K second potential resistance at as further 57K mark also.
What do you think? Are you Long or Short, let me know in the comments down below!
we did break below our horizontal long term trend line to hold perfectly at the bottom of our falling channel.
now we are back above our trend line at around the 54.2K mark, if we can hold this line with strength in volume, I would consider this bullish for BTC.
on the other hand a breakdown of the trend line and our falling channel we could see BTC retrace back to potentially the 50k level with strong resistance possibly further and see 48k or lower again.