BTC sits on top of an old Channel..
Updated
BTC has boosted through a third of the twenties like it was nothing. If you took my last analysis seriously you should be in heavy profits right now. (See related Ideas below)
We should not guess where the market goes next, but right now it sits on an old Channel I drew in mid November. It seems to be respected. Now the price could just follow the upper line of the Channel and make another move up but if the Channel breaks, there are 3 opportunities to place good trades.
Opportunity 1 : If price breaks 22250 ( lower than previous low and inside the Channel ) - short to lower line of the Channel
Opportunity 2 : If price falls to the lower line of the Channel, we could enter a long position with a generous stop loss below this line.
Opportunity 3 : If price breaks the lower line of the Channel, we could enter a short position which might even test the 20k area. Trendwise, I would not suggest waiting to see 20k any time soon though. 21k is the lowest I would take some profits at and is (probability wise) required for this trend to remain intact.
No financial advice here, just my personal opinion.
We should not guess where the market goes next, but right now it sits on an old Channel I drew in mid November. It seems to be respected. Now the price could just follow the upper line of the Channel and make another move up but if the Channel breaks, there are 3 opportunities to place good trades.
Opportunity 1 : If price breaks 22250 ( lower than previous low and inside the Channel ) - short to lower line of the Channel
Opportunity 2 : If price falls to the lower line of the Channel, we could enter a long position with a generous stop loss below this line.
Opportunity 3 : If price breaks the lower line of the Channel, we could enter a short position which might even test the 20k area. Trendwise, I would not suggest waiting to see 20k any time soon though. 21k is the lowest I would take some profits at and is (probability wise) required for this trend to remain intact.
No financial advice here, just my personal opinion.
Note
Meanwhile I can see the following triangle on the 2H. Considering the low timeframe this could result in a minor move for scalping.Trade active
So what do you say to that? Price bounced off the lower line of the channel as predicted. You could close your trade here or raise stops significantly to secure profits.
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