Bitcoin "Channel" Breakout Analysis
The above chart of Bitcoin laid out the Horizontal channel pattern. Horizontal channel pattern also known as the sideways trend. In general, the horizontal channel is formed during the price consolidation. In this pattern, the upper trendline, the line which connects the highs, and the lower trendline, line which connects the lows, run horizontally parallel and the price action is contained within it. A horizontal channel is often regarded as one of the suitable patterns for timing the market as the buying and selling points are in consolidation.
Currently, Bitcoin is in the range of $16189. If the pattern continues, the price of Bitcoin might reach the resistance levels of $17050 If the trend reverses, then the price of Bitcoin may fall to $15660
Key Points : Bullish Candle and Volume Spike
Happy Trading
The above chart of Bitcoin laid out the Horizontal channel pattern. Horizontal channel pattern also known as the sideways trend. In general, the horizontal channel is formed during the price consolidation. In this pattern, the upper trendline, the line which connects the highs, and the lower trendline, line which connects the lows, run horizontally parallel and the price action is contained within it. A horizontal channel is often regarded as one of the suitable patterns for timing the market as the buying and selling points are in consolidation.
Currently, Bitcoin is in the range of $16189. If the pattern continues, the price of Bitcoin might reach the resistance levels of $17050 If the trend reverses, then the price of Bitcoin may fall to $15660
Key Points : Bullish Candle and Volume Spike
Happy Trading
Trade active
Note
16500+ RUNNINGNote
Breakout Done : Note
Near to Target LevelNote
Retest DoneNote
Trade active
Trade active
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Related publications
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.