BITCOIN Update - Still in the Channel
Motion is emotion and at the end of the day each will make what the eye and the chart will see.
As you probably already know I am long on Bitcoin and only Long for reasons I have explained before.
Chart:
Mid of channel failed yesterday and the price ended up sliding fast to the lower end of the channel. Have we seen this before? Well look at the chart: 4 times already, 3 at then end of the channel, once at what you see as SUPPORT level 20,7000
In other words: This is now potentially the Third (3rd) time the price checks the lower end of the channel as support. Third attempts have a special dynamic.
At the same time the linear support at 20,700 is now under the channel. This makes it less likely to be checked and at the same time ofefrs an extra layer of support to the structure.
Can the structure break lower 'into the abyss'?
Yes it could but still less than 30% probable. A lot will depend on Nasdaq and US indices, opening in 45 minutes. Unfortunately they do seem pretty highly priced in but i will share the charts later today to take a closer look.
In any case, Long here and following the plan which is to long methodically for as Long as the price is in structure and over support.
One Love,
The FXPROFESSOR
ps. look slike every time i need a break from here the market just calls me back.. 😽🤟
As you probably already know I am long on Bitcoin and only Long for reasons I have explained before.
Chart:
Mid of channel failed yesterday and the price ended up sliding fast to the lower end of the channel. Have we seen this before? Well look at the chart: 4 times already, 3 at then end of the channel, once at what you see as SUPPORT level 20,7000
In other words: This is now potentially the Third (3rd) time the price checks the lower end of the channel as support. Third attempts have a special dynamic.
At the same time the linear support at 20,700 is now under the channel. This makes it less likely to be checked and at the same time ofefrs an extra layer of support to the structure.
Can the structure break lower 'into the abyss'?
Yes it could but still less than 30% probable. A lot will depend on Nasdaq and US indices, opening in 45 minutes. Unfortunately they do seem pretty highly priced in but i will share the charts later today to take a closer look.
In any case, Long here and following the plan which is to long methodically for as Long as the price is in structure and over support.
One Love,
The FXPROFESSOR
ps. look slike every time i need a break from here the market just calls me back.. 😽🤟
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