Hi friends, as we can see, bitcoin slammed into resistance and the top of its current channel hard and was repulsed. I'm looking for this decline to be stopped at either the lower boundary of the downtrend channel (it is not necessarily "correct" as drawn since there were few points to go on.) Or on that highly reliable logarithmic line. A breakdown of the uptrend channel to the logarithmic line should be a profitable short trade!
Happy trading. And remember, if you're struggling for real, there's no shame in paper trading. Tradingview offers this functionality! And I do use it to try things without risking real capital.
Happy trading. And remember, if you're struggling for real, there's no shame in paper trading. Tradingview offers this functionality! And I do use it to try things without risking real capital.
Note
Price appears to have reversed at the lower channel boundary. It has printed 2 small continuation patterns on the 3M chart confirming this reversal. I went long on the break upward of the second and am currently in protected profit.
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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.