BTCUSDT - Ascending Channel after 31K Occurred on 1H Chart
Hey Guys,
We seem to form another ascending channel on 1 hour chart of BTC USDT.
It's still and very possible that the price might do zigzags in this channel but we know that if it fails to reach the top of the channel, a breakdown is more probable than a break out from asc channels.
A couple of divergences also occurred within this time frame.
Also, there's another possibility of a head and shoulders pattern if the price breaks down to 35K-36K area, where it would act as a neck, so RSI and volumes are marked for this opportunity.
ADX (Average Directional Index) DI+ line moving like it's going to cross DI- line, which might be considered as a sell sign, but the trends strength is really low. You might also want to consider that strength line to move above at least 20 after, if, DI+ crosses DI- to take a short position.
This analysis is invalid if the price moves above 38500 and closes above that.
So if you want to short, I'd suggest waiting for a breakdown and close below the bottom line.
Note: No financial advise, always DYOR!
We seem to form another ascending channel on 1 hour chart of BTC USDT.
It's still and very possible that the price might do zigzags in this channel but we know that if it fails to reach the top of the channel, a breakdown is more probable than a break out from asc channels.
A couple of divergences also occurred within this time frame.
Also, there's another possibility of a head and shoulders pattern if the price breaks down to 35K-36K area, where it would act as a neck, so RSI and volumes are marked for this opportunity.
ADX (Average Directional Index) DI+ line moving like it's going to cross DI- line, which might be considered as a sell sign, but the trends strength is really low. You might also want to consider that strength line to move above at least 20 after, if, DI+ crosses DI- to take a short position.
This analysis is invalid if the price moves above 38500 and closes above that.
So if you want to short, I'd suggest waiting for a breakdown and close below the bottom line.
Note: No financial advise, always DYOR!
Trade closed: target reached:
2nd target reached, trade closed.
