Hello Traders, Hope everything is going well.
As you can see in the chart, BTC broke the short term ( 3 months ) trend line in 4H timeframe and has managed to pullback to that trendline again and got
rejected. So what now?
By breaking the trendline, BTC has made a descending channel so the price is likely to go down but to which support?
As the blue line scenario is showing, in my opinion BTC is going to test the 46K support first ( which is the bottom of the channel too )
and the next big and strong support is around 42K-43K. The 43K price will push BTC up and it will breakout of the channel, then it will go up to
test the 60K-62K resistance level again.
Thank you for reading my idea. Please comment what you think will happen. 🤞
As you can see in the chart, BTC broke the short term ( 3 months ) trend line in 4H timeframe and has managed to pullback to that trendline again and got
rejected. So what now?
By breaking the trendline, BTC has made a descending channel so the price is likely to go down but to which support?
As the blue line scenario is showing, in my opinion BTC is going to test the 46K support first ( which is the bottom of the channel too )
and the next big and strong support is around 42K-43K. The 43K price will push BTC up and it will breakout of the channel, then it will go up to
test the 60K-62K resistance level again.
Thank you for reading my idea. Please comment what you think will happen. 🤞
Trade closed: target reached:
58K reached . 😎
Comment:
Probably we are going to see a little bit of range for BTC here and then going to test the 60K-62K resistance again.
Trade closed: target reached:
60K reached.
Trade closed: target reached:
43K reached too.
We need to see what happens there ...