BITCOIN 1D Ascending Channel
Updated
Happy Saturday All! 😃
Hope you are all having a successful day!
Here we can see BTC forming an asccending channel on the daily chart and there are a few things that I would like to point out:
1: We have strong support in the 41k region with the golden pocket on the local Fibonacci retracement which measures the current uptrend and the 78.6% Fib. level on the retracement that measures the downtrend from the November ATH and the currrent low point at around 33K.
2: The resistance or top of the channel would align perfectly with the local 100% Fibonacci retracement level and the golden pocket (61.8% & 65%) of the downtrend retracement.
3: The 39k area in which the local 50% Fib. level coincides with the bottom of the channel, is the last chance for Bitcoin to make a higher low whilst staying in the current channel/trend.
4: The other Fibonacci retracement levels on the larger retracement (white and orange) give us a good idea where our next target areas would be (50% & 100%) in case we were to break those previously mentioned levels.
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If we look at the smaller TF (4h) we can see that the support and resistance areas that I mentioned above become even clearer.
I would like to add that this is for educational purpose only and in no way a guarantee that it will play out this way, nor is this or are any of my posts financial advise.
THANK YOU for stopping by!
Like 👍 = 😃
Comment 📜 = 😁
Happy Trading ✌♥📈
Hope you are all having a successful day!
Here we can see BTC forming an asccending channel on the daily chart and there are a few things that I would like to point out:
1: We have strong support in the 41k region with the golden pocket on the local Fibonacci retracement which measures the current uptrend and the 78.6% Fib. level on the retracement that measures the downtrend from the November ATH and the currrent low point at around 33K.
2: The resistance or top of the channel would align perfectly with the local 100% Fibonacci retracement level and the golden pocket (61.8% & 65%) of the downtrend retracement.
3: The 39k area in which the local 50% Fib. level coincides with the bottom of the channel, is the last chance for Bitcoin to make a higher low whilst staying in the current channel/trend.
4: The other Fibonacci retracement levels on the larger retracement (white and orange) give us a good idea where our next target areas would be (50% & 100%) in case we were to break those previously mentioned levels.
------------------------------------------------------------------------------
If we look at the smaller TF (4h) we can see that the support and resistance areas that I mentioned above become even clearer.
I would like to add that this is for educational purpose only and in no way a guarantee that it will play out this way, nor is this or are any of my posts financial advise.
THANK YOU for stopping by!
Like 👍 = 😃
Comment 📜 = 😁
Happy Trading ✌♥📈
Note
Just noticed i messed up with the fibs. upside down 🤣😶To early I guess.
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