Bitcoin Trading in the "Decision-Time" Channel.
Updated
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Hello traders investors and community.
The last days we saw bitcoin falling down from 7500 and establishing a former support base in a channel which will either break down or up.
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As you can see in my analysis bitcoin is trading in the "decision-time" channel which is marked in purple. We can expect a consolidation in this channel the
next time. The question is if bitcoin establishs to hold the channel with a bullish continuation or fall down.
We can expect a consolidation similar to the consolidation seen before bitcoin jumped above 7500. As the zone in which we are trading now is a possible
support zone for a bullish or bearish breakout. As you can see there is a black channel in my chart, the upper-line of the channel could be touched before
heading into a concrete direction. If this upper-line of the channel is touched bitcoin could form a head and shoulders pattern which either breaks to the
downside or up.
After leaving the purple "Decision-TIme" Channel we can expect bitcoin to go either in the higher resistance zone or the lower support. Both of these
scenario will give us the former information for the future continuation of bitcoins price movement.
For now it is time to wait and consider a possible LONG or SHORT entry in the break-out direction.
_______________________________________________________________________________________________________________________________________
Hello traders investors and community.
The last days we saw bitcoin falling down from 7500 and establishing a former support base in a channel which will either break down or up.
______________________________________________________________________________________________________________________________________
As you can see in my analysis bitcoin is trading in the "decision-time" channel which is marked in purple. We can expect a consolidation in this channel the
next time. The question is if bitcoin establishs to hold the channel with a bullish continuation or fall down.
We can expect a consolidation similar to the consolidation seen before bitcoin jumped above 7500. As the zone in which we are trading now is a possible
support zone for a bullish or bearish breakout. As you can see there is a black channel in my chart, the upper-line of the channel could be touched before
heading into a concrete direction. If this upper-line of the channel is touched bitcoin could form a head and shoulders pattern which either breaks to the
downside or up.
After leaving the purple "Decision-TIme" Channel we can expect bitcoin to go either in the higher resistance zone or the lower support. Both of these
scenario will give us the former information for the future continuation of bitcoins price movement.
For now it is time to wait and consider a possible LONG or SHORT entry in the break-out direction.
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Note
Information provided is only educational and should not be used to take action in markets.Note
"Trading doesn't just reveal your character, it also builds it if you stay in the game long enough."Note
We see good momentum, could be heading into upper resistanceNote
"The men on the trading floor may not have been to school, but they have Ph.D.’s in man’s ignorance."
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