On June 21, we saw a trend shift in BTC at the level of 31000. After touching 38490 from there, BTC developed a flag pattern that can be clearly seen in 1H timeframe. On this day, at 16:00, BTC broke out of the flag pattern, giving us a good buy opportunity. Next resistance is at the level of 40,000 and chances of BTC breaking above it are quite high. If this breakout happens, we should be seeing BTC at the level of 46,000 by the end of this week.
Trade Entry:
We can enter into buy trade at the retest of flag and the neckline of double bottom pattern that appeared inside the flag pattern. Our nearest support is at the level of 36000, so that should be a good point to enter into the trade. Stop loss would be placed at 35200 and take profit should be set at 40,000.
Trade Entry:
We can enter into buy trade at the retest of flag and the neckline of double bottom pattern that appeared inside the flag pattern. Our nearest support is at the level of 36000, so that should be a good point to enter into the trade. Stop loss would be placed at 35200 and take profit should be set at 40,000.