BTC CORRECTION???
We are looking at BTC in the 1 hour timeline.
After reaching ATH existing uptrend was broken. BTC traded above the trading range highlighted in blue teasing a breakout but reversed course and is currently trading in a descending channel. Strong support around the 60k area. If support is broken we can set up our entry at the lower end of the trading range.
I expect continuing trading within the descending channel until lower supports reverses the downtrend. If and when the uptrend is broken we can expect to test ATH.
**April options contracts expiry will most likely see BTC trading in a tighter range due to heavy sell pressure from Market makers.
It would be a safe bet to exit positions and re-enter after expiry date.
This is not investing advice
Happy trading or hodling
"There are many paths to success but ONE must be taken"
After reaching ATH existing uptrend was broken. BTC traded above the trading range highlighted in blue teasing a breakout but reversed course and is currently trading in a descending channel. Strong support around the 60k area. If support is broken we can set up our entry at the lower end of the trading range.
I expect continuing trading within the descending channel until lower supports reverses the downtrend. If and when the uptrend is broken we can expect to test ATH.
**April options contracts expiry will most likely see BTC trading in a tighter range due to heavy sell pressure from Market makers.
It would be a safe bet to exit positions and re-enter after expiry date.
This is not investing advice
Happy trading or hodling
"There are many paths to success but ONE must be taken"
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.