Hi folks,
We are still waiting for a break-out with significant volume. It seems that more people trade the channel in the range of 8.5k - 9.2k instead of the triangle, therefore, the previous triangle can be defined invalid. The longer BTC holds this level the less chance we have for a significant drop to below 8k. The moving averages (MA-50 and MA-100) are coming up which will serve as temporary support in case BTC is going to drop.
If we see a break-out to the upside from the channel I expect that we meet the resistance at 9.8k and if we will go down, 8.4k should hold temporarily.
Happy trading to everyone!
We are still waiting for a break-out with significant volume. It seems that more people trade the channel in the range of 8.5k - 9.2k instead of the triangle, therefore, the previous triangle can be defined invalid. The longer BTC holds this level the less chance we have for a significant drop to below 8k. The moving averages (MA-50 and MA-100) are coming up which will serve as temporary support in case BTC is going to drop.
If we see a break-out to the upside from the channel I expect that we meet the resistance at 9.8k and if we will go down, 8.4k should hold temporarily.
Happy trading to everyone!
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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.