LegionQ8

Bitcoin can decline to support area and then rebound up

Long
BINANCE:BTCUSDT   Bitcoin / TetherUS
Hello traders, I want share with you my opinion about Bitcoin. Observing the chart, we can see that the price some days ago entered to upward channel, where it at once rebounded from the support line and rose to the 59000 support level, which coincided with the buyer zone. In a short time later BTC broke the 59000 level and made a retest, after which it continued to move up and reached the resistance line of the channel, but then the price turned around and fell below. Then price continued to rise and some time later BTC reached the current support level, which coincided with the support area and even entered to this zone and also reached the resistance line of the channel, but soon price turned around and in a short time declined to support line of the channel, making fake breakout of 67150 level. But at once price bounced and made a strong impulse up to the support area, breaking the current support level one more time. Also recently, BTC exited from this area and now it trades near, so I think that Bitcoin can decline to the support area, where it turns around and starts to move up to the resistance line of the channel. For this case, I set my target at the 72500 level. Please share this idea with your friends and click Boost 🚀

🔷Join my telegram channel for free - t.me/legionq8

💰About Premium Signals Group all details you can see here - t.me/legionq8/812
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.