BTCUSD is currently in a descending parallel channel, but has a nice support on 10.5 k (2.27 on fib) so once the parallel channel squeezes near the support BTC should be going up again. But then what? It will hit a 13 k (3.27 on fib) resistance, will it have enough momentum to break through? All sorts of news outlets are reporting on BTC so, once the price gets going again, we should have a FOMO fueling the rally. If we break the 13 k resistance I think we might see prices as high as 15.5 k (4.27 on fib).So I would buy the dip gradually between 10.75 and 10.5 k with stop loss at 10.1 k
On the other hand, if the down trend channel breaks the 10.5 k support, than I regret to say that this bull run is probably over. The "good news"? We'll have support at 8.8 k and 7.5 k.
PS: I'm quite new to trading and this is my first published analysis - Please give feedback so I can improve and learn from your insight :)
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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.