BTCUSDT : RSI Bullish Divergence in 4H

BTCUSDT

BTCUSD: Descending Channel

View: RSI Bullish divergence in 4H time frame indicates possible resistance breakout. So, BTCUSD will enter in the zone. Long for short term. If channel breaks then reversal confirm for at least 10 % upside

Pattern : Descending Channel.

What is Channel Trading?

When trading a channel, you use parallel lines connecting the swing highs and swing lows of a market’s support and resistance.

The most common method to mark a channel is by using trendlines.

The swing highs that are marked by the trendline are known as the channel’s resistance levels.

The swing lows that are connected to create the channel become the support level.

We can use a channel to find support and resistance as the price continues to move higher or lower.

How to Trade Descending Channel ?

Sell at Resistance, BUy at Support with Price Action Confirmantion.

We can use Channel to find potential breakout trade with stop loss.

RSI indicator can be used to find possible bullish divergence for reversal Trade.

Comment:

Channel Breakout as expected with Large Green Candle indicates Bullish move towards our Target.

Comment:

Range broken and achieved both upper targets
Range broke at 38,000.Achieved Tragets @ 40735 - 41950
Breaking 41950 indicates bull trend continuation.
It is wise to trail stop loss at 41950 and keep riding with Profit - CMP 42700

Comment:

BULL Trend Continuation : 41950 - 42700 - 43736(cmp)