BTC accumulation in distribution phase
Updated
BTC is trading in channel from couple of months that is forcing BTC to trade between consolidation phase between a ranging channel that is acting as support and resistance. Further price movement is forming bullish flag pattern and also cup and handle price formation on longer term charts that suggest channel support is likely to act as support and bounce towards 58000 - 63000 - 67000 - 69000 is likely.
Note
BTC bounced from channel border by kicking out fearful investors below channel border and achieved target 1, 58000 with high 57800 by now :-)
Those who availed buy on dips should start managing risk
Trade active
target 1: 58000 done
High: 59930 by now
Strategy: close 70% and move SL to entry and make profit with safety 🛟
Note
BTC fell below 52000 to 49350 expectedly to grab the liquidity below support under distribution phase for accumulation.
Target 2, 63000 with high 62800 is done with a performance of 1300+ pips profit
As discussed that patient players can be the winner 🏆 of this and same happened.
Now BTC is under rest between 63000 & 59000, break and sustained below or above would set further directions.
Buyers should look to manage risk now
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