BITCOIN : Will It Return to the Channel?
Hello TradingViewers, today I want to share with you this image on the Bitcoin Daily chart where I have highlighted a main channel with a yellow background and 3 other channels.
As we can see, after creating the first highs in April 2021, the price made a big retracement creating a triple low which formed the base of the channel and immediately reverted back quickly going to test the previous highs which, acting as resistance, together with the resistance of the channel, they brought the prices back based on the channel testing 2 times and finally effectively exiting on May 8, 2022 when the price had already started a bearish movement staying in the red channel.
After making a minimum in the 18000 area, the price starts to lateralize moving inside the orange channel and thus exiting the bearish channel.
In the last period we see a bullish movement that takes the prices out of the lateral channel creating a sort of large rounded minimum highlighted by the blue arrow.
If the bullish green channel holds then we should see a rise in prices shortly up to the next resistance in the 37000 area.
What do you think about it? Will Bitcoin continue to rise in the short term and in the long term? Do you think it will return to the yellow channel again showing prices at 60k?
Write your opinion in the comments and leave a like if you enjoyed this post.
As we can see, after creating the first highs in April 2021, the price made a big retracement creating a triple low which formed the base of the channel and immediately reverted back quickly going to test the previous highs which, acting as resistance, together with the resistance of the channel, they brought the prices back based on the channel testing 2 times and finally effectively exiting on May 8, 2022 when the price had already started a bearish movement staying in the red channel.
After making a minimum in the 18000 area, the price starts to lateralize moving inside the orange channel and thus exiting the bearish channel.
In the last period we see a bullish movement that takes the prices out of the lateral channel creating a sort of large rounded minimum highlighted by the blue arrow.
If the bullish green channel holds then we should see a rise in prices shortly up to the next resistance in the 37000 area.
What do you think about it? Will Bitcoin continue to rise in the short term and in the long term? Do you think it will return to the yellow channel again showing prices at 60k?
Write your opinion in the comments and leave a like if you enjoyed this post.
LuTrader Garage : linktr.ee/LuTraderGarage
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.