Bitcoin Trend Explained | Why $6200 is the Bottom before Halving
Bitcoin Update
Important Trend Lines
Bearish Trendline (Red)
Long term Resistance is being respected by Price Action. Price was not able to test it even. Breaking this Trendline will trigger $8000.
Local Trendline (Blue)
It was the Local Diagonal Support since the dump. Unfortunately, Closing Below $6900 on Daily will confirm a Breakout and Targets can be around $5500.
Bullish Channel (Yellow)
Closely, PA is making a Bullish Channel and which is considerable fitting in the Bearish Set-up.
I was thinking to short but one of the Bullish Signs made me not to trade it. as $7300 was like a strong support.
I think low will be $6200 not $5500.
How To Trade
Wait for Breakout and Ride the Pullback.
Breakout is almost done and We waiting for riding the Pullback.
I would like to Load my Shorts in Staggered Entries ($7150-$6975)
Stop Should be at $7350
Summary
Trend is Bearish for me (If We close below $6900 on Daily)
and Bearish Targets $6200.
Bull Flag (Hope for $8000)
Important Trend Lines
Bearish Trendline (Red)
Long term Resistance is being respected by Price Action. Price was not able to test it even. Breaking this Trendline will trigger $8000.
Local Trendline (Blue)
It was the Local Diagonal Support since the dump. Unfortunately, Closing Below $6900 on Daily will confirm a Breakout and Targets can be around $5500.
Bullish Channel (Yellow)
Closely, PA is making a Bullish Channel and which is considerable fitting in the Bearish Set-up.
I was thinking to short but one of the Bullish Signs made me not to trade it. as $7300 was like a strong support.
I think low will be $6200 not $5500.
How To Trade
Wait for Breakout and Ride the Pullback.
Breakout is almost done and We waiting for riding the Pullback.
I would like to Load my Shorts in Staggered Entries ($7150-$6975)
Stop Should be at $7350
Summary
Trend is Bearish for me (If We close below $6900 on Daily)
and Bearish Targets $6200.
Bull Flag (Hope for $8000)
Trade closed: target reached:
Short Targets were hit Down. With Last TP at 6520.
