BTCUSD Support To Be Broken?
Updated
Bitcoin has been overlooked as a safe haven but the charts are showing us that we could be in for more possible downward movement for the cryptocurrency.
Started to look short around 6260 - 6220 but if you can see that a larger bullish flag formation is being created. This has provided us with the opportunity to wait and see what the volumes give us. No need to rush this one, if the price rises expect that the you will see the formation completed. If the it breaks the support levels expect further selling to sub 6000 possibly 5500
For more full analysis, trading ideas and tips feel free to subscribe to my newsletter.
Thank you for everyone who likes and shares this analysis.
Really appreciate it
Connor
Started to look short around 6260 - 6220 but if you can see that a larger bullish flag formation is being created. This has provided us with the opportunity to wait and see what the volumes give us. No need to rush this one, if the price rises expect that the you will see the formation completed. If the it breaks the support levels expect further selling to sub 6000 possibly 5500
For more full analysis, trading ideas and tips feel free to subscribe to my newsletter.
Thank you for everyone who likes and shares this analysis.
Really appreciate it
Connor
Trade closed: stop reached
BTC held support level and broke higher. Larger timeframes show that this support level will be retested shortly.
Related publications
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.