Bitcoin - the perfect working out of the downward channel!
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Another formation that I talked about a couple of days ago before this powerful run, the “down channel” is another pattern that constantly works out on higher timeframes.
Technical: We didn't confirm the bottom of the pattern at $24,300 but we had confirmation on the falling wedge which I also wrote about in my feed. The exit from the channel turned out to be perfect, you can see the chart for yourself)
At the moment we have support in the range of $28,350 (+ -) as I said earlier that after such a strong momentum we should expect the price to pull back. If the support fails, then the next support level will be $27,350-$27,500, a strong mirror level.
At the moment, I locally expect the continuation of the upward movement and, as you already understood, this may happen through a slight decrease (not a signal to go short!) and we will stretch the global 0.5 Fibonacci.
Another formation that I talked about a couple of days ago before this powerful run, the “down channel” is another pattern that constantly works out on higher timeframes.
Technical: We didn't confirm the bottom of the pattern at $24,300 but we had confirmation on the falling wedge which I also wrote about in my feed. The exit from the channel turned out to be perfect, you can see the chart for yourself)
At the moment we have support in the range of $28,350 (+ -) as I said earlier that after such a strong momentum we should expect the price to pull back. If the support fails, then the next support level will be $27,350-$27,500, a strong mirror level.
At the moment, I locally expect the continuation of the upward movement and, as you already understood, this may happen through a slight decrease (not a signal to go short!) and we will stretch the global 0.5 Fibonacci.
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