BITCOIN: Patience is the virtue of strong people
Good morning to all traders and investors.
Today I want to share my vision on Bitcoin, in which I highlight, as seen from the main Weekly chart, a mini bearish channel over the last few weeks.
About a year and a month ago, I published this post in which I highlighted the large channel with a yellow background in which I thought the price of bitcoin could return.
https://it.tradingview.com/chart/BTCUSD/xCBtmxhN-BITCOIN-Will-It-Return-to-the-Channel/
One year later we see that prices have actually returned and after the long rise the price touched the inversion area of my LuBot indicator for several weeks starting from March 2024 which coincided with the previous highs, after which we see that the price has started to fall until today where it relies on the positive TrendCloud which could act as a support.
Personally I think that after the big rally many investors got rid of several positions and we could still see a few more days of lateralization. The price could therefore follow one of the movements shown by the arrows on the chart with a probable price return between 45k and 50k before making the next bullish move.
TAGS:
BTCUSD BTCUSD BTCUSD OKX:BTCUSD12N2024 
BTCUSDT BTCUSD BTCUSDT
Today I want to share my vision on Bitcoin, in which I highlight, as seen from the main Weekly chart, a mini bearish channel over the last few weeks.
About a year and a month ago, I published this post in which I highlighted the large channel with a yellow background in which I thought the price of bitcoin could return.
https://it.tradingview.com/chart/BTCUSD/xCBtmxhN-BITCOIN-Will-It-Return-to-the-Channel/
One year later we see that prices have actually returned and after the long rise the price touched the inversion area of my LuBot indicator for several weeks starting from March 2024 which coincided with the previous highs, after which we see that the price has started to fall until today where it relies on the positive TrendCloud which could act as a support.
Personally I think that after the big rally many investors got rid of several positions and we could still see a few more days of lateralization. The price could therefore follow one of the movements shown by the arrows on the chart with a probable price return between 45k and 50k before making the next bullish move.
TAGS:
BTCUSD BTCUSD BTCUSD OKX:BTCUSD12N2024 BTCUSDT BTCUSD BTCUSDT 
LuTrader Garage : linktr.ee/LuTraderGarage
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.