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BTCUSD Rising Channel| Local S/R| Trend| Price Action
BTCUSD Perpetual Contract
Long
BTCUSD Rising Channel| Local S/R| Trend| Price Action
By AzizKhanZamani
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Jul 12, 2021
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Jul 12, 2021
Evening Traders,
Today’s analysis – BTCUSD – trading above its Local S/R where holding true will increase the probability of testing upside resistance,
Points to consider,
- Price Action Impulsive
- Local S/R Support
- Range High Resistance
- Low Volume
BTCUSD’s immediate price action is trading above a key support allowing for a short term bullish bias.
The Range High is the current resistance, testing this level is likely to lead to an rejection on the first attempt.
The current volume profile is on a decline, an influx is imminent when testing a key trade location such as range high.
Overall, in my opinion, BTCUSD is a valid long with defined risk, price action is to be used upon discretion/ management.
Hope this analysis helps
Thank you for following my work
And remember,
“The market can stay irrational longer than you can stay solvent.” – John Maynard Keynes
Chart Patterns
Technical Indicators
LONG
priceactin
Relative Strength Index (RSI)
short
Stochastic Oscillator
support
Support and Resistance
trade
trend
Trend Analysis
AzizKhanZamani
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