julio24albert
Short

Bitcoin : Break out strategy and choppy market during weekend

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Hello all and Happy Saturday, bitcoin has shown us a bounce since it touches the S2 which moves align with the lower line of the channel as support trend line . Now, what would be the next moves? Let's focusing on the analysis below.

First of all, I want you all to look at the S1 that I extend to the previous period. You can see that current was holding a crucial price action. There were at least 4 times this level gave feed back back at the previous price action since April 2020. 2 of them was becoming a strong support zone before it has broken down at May 21st. Because of this breaks, there could be current action is the phase 2 of break out strategy which is retesting the previous broken support as a resistance now. The S1 which was becoming a crucial support currently should become a crucial resistance.

Another thing that I want to anticipate is the potential of choppy market to occur. Today is Saturday and it's coming closer to the weekly candle closes which is in the next 2 days. Usually, we will see a very choppy movement in the market during this time to make sure how will the weekly candle close. I personally looking for a break out from the lower line of the channel to confirm this breaks down and I believe that this action could occur near the weekly candle close. I suggest you to enjoy your weekend and stay away from the market to avoid the liquidation of this potential choppy movement

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