1H linear scale chart for( BTC )
The technical analysis idea on a 1H linear scale chart for Bitcoin ( BTC ).
The chart is self-explanatory. The price broke out of the Descending Parallel Channel and re-tested the top trendline. After the re-test the price moved up to the
48K area but was rejected and now attempting to move back up again. If the price can not break the 0.786 Fibonacci Retracement level, it may go to the 0.382 - 0.236 level or even lower (back into the Descending Parallel Channel ). There is a Double Top Formation that may play out which is bearish . The RSI is being met with a resistance line and if it does not break above that line, the RSI may fall (indicating the price may fall). Getting back to the 53K price area is not going to be that easy unless a whale comes to buy!
The chart is self-explanatory. The price broke out of the Descending Parallel Channel and re-tested the top trendline. After the re-test the price moved up to the
48K area but was rejected and now attempting to move back up again. If the price can not break the 0.786 Fibonacci Retracement level, it may go to the 0.382 - 0.236 level or even lower (back into the Descending Parallel Channel ). There is a Double Top Formation that may play out which is bearish . The RSI is being met with a resistance line and if it does not break above that line, the RSI may fall (indicating the price may fall). Getting back to the 53K price area is not going to be that easy unless a whale comes to buy!
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