BTCUSD Channel on the 4H
Updated
Despite the recent push upwards, we are still very much in a downward channel. Just look how perfectly the prices align to it and how quickly a break to the downside was bought up. I dont see we are out of the woods yet in the long term unless this channel gets broken to the upside and price stays clear of reentering. I myself would try to enter longs on the bottom line and scale in the further we go up, take some profit before the upper line ..wait and see. The same goes for short plays - go short around the upper line, scale in and take some profit before hitting the lower line. This is the 4H so these are long term trades. Good hunting.
Note
The price stopped right at the upper line of the channel. In theory, the next target is the lower line, but considering the effect of BTC halving and ETF approval for ETH its a high risk trade - i would only enter a short very close to the upper line with a very tight stop slightly above the upper line.
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