I wanted to provide a zoomed in view of the BTC price action. The market is currently still in bullish momentum, but zooming in on timeframes we can get a closer idea of what is happening with price action.
Recent price action is trending in a falling channel, which typically will break out higher. Additionally, this falling channel places BTC right on a support level that it recently broke out from. This would mean that bulls/buyers should be present to buy up BTC at this level as a bullish retest, so this is another point for the bullish case.
This is why that level of support is so critical, and the reason I have it drawn on the chart as a very bearish idea if we break below it. This would be negating a bullish retest, and a breakout against probabilities of the falling channel.
Always look at both sides of the trade so that you know and are able to close positions if a trade is going against your particular bias. Happy trading
I wanted to provide a zoomed in view of the BTC price action. The market is currently still in bullish momentum, but zooming in on timeframes we can get a closer idea of what is happening with price action.
Recent price action is trending in a falling channel, which typically will break out higher. Additionally, this falling channel places BTC right on a support level that it recently broke out from. This would mean that bulls/buyers should be present to buy up BTC at this level as a bullish retest, so this is another point for the bullish case.
This is why that level of support is so critical, and the reason I have it drawn on the chart as a very bearish idea if we break below it. This would be negating a bullish retest, and a breakout against probabilities of the falling channel.
Always look at both sides of the trade so that you know and are able to close positions if a trade is going against your particular bias. Happy trading