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DutchyFX
Jun 16, 2021 9:34 PM

BTC (Current thoughts) Long

Bitcoin / US DollarBinance

Description

Entering a nice dense support area.

1. The old resistance of the larger descending channel now turned support. (Dashed line)

2.The 38.7k level.

3.The support of the lower trend of the ascending channel we are in.

If we are going to reverse and carry on this bullish trend I'd say it's is likely to happen here, but if we break this level the next safety net is around the 35k level so we could see a dip down to this zone.

Comment

Looks like Bitcoin has instead gone down to test the 37.2k support, potentially squeezing out the last of the bears before we can continue this short/medium-term bullish trend up to 44k.
Comments
Ryecatcher
good work
DutchyFX
mahdisoltaninjad
A thorough and principled analysis👌
DutchyFX
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