BTC rising channel on STF - 51.5k or 47.5k next move?
BTC showing classic ascending channel on the STF (1h chart)
Given the current downtrend, statistically more likely to break to the downside
Should it break to the upside, BTC will return to the bull market support band level (51.5k) where it was recently rejected
DOWNSIDE TARGET - 47.5k (More Likely)
UPSIDE TARGET - 51.5k (Less Likely)
In the event of a successful breakout above the bull market support band, with volume, and holding this as support, this would represent a very strong move for BTC.
Breakdown to 47.5k would be consistent with the current downtrend which seems likely to lead us to the 42k to 45k again within the next few days....
Given the current downtrend, statistically more likely to break to the downside
Should it break to the upside, BTC will return to the bull market support band level (51.5k) where it was recently rejected
DOWNSIDE TARGET - 47.5k (More Likely)
UPSIDE TARGET - 51.5k (Less Likely)
In the event of a successful breakout above the bull market support band, with volume, and holding this as support, this would represent a very strong move for BTC.
Breakdown to 47.5k would be consistent with the current downtrend which seems likely to lead us to the 42k to 45k again within the next few days....
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.