Dear traders, as you see the colored line in picture, and as the price action analysis, it is the third time that the price is thouching the resistant line. That is shown with purple and red line. The red line specifically is the Longer term than purple one. Therefore it is more reliable to touch and pullback the price, but the purple line is acceptable too.
When we broke the correction downtrend we retested the downtrending line twice
Usually this would only happen once, indicated low momentum
Once we claimed $34.5 it has been very cleanly upwards
Formed a bullish flat top triangle also, break of this using the measurement method would take us perfectly to the purple line which is the 2.618 fib retracement of the...
Bitcoin recently brokeout of the pennant chart pattern as expected. It looks like the market is printing an ascending channel and price bounced off the channel resistance. Price is currently experiencing retracement to the horizontal flip support + channel support + fib retracement levels. Bounce off the channel support would be a good bullish signal↗️.
The over all trend of this pair is about to change and its consistently testing the trend line
We are currently in an area of interest where sellers usually take control and push price lower
Wait for correction to be broken before shorting