Price channel leads Bitcoin upwards
Updated
🔸 In truth, I am not a fan of technical analysis, especially trend lines. Therefore, me personally take this idea with a sound share of skepticism. However, I could not pass by such a classic example with false breakouts of the channel boundaries.
🔸 Two deviations from the trading channel attracted my attention. Such movements have one goal - to collect your liquidity. By the way, how many of you traded breakouts of the channel or any other classic patterns? ;)
🔸 Typically, a strong impulse in the opposite direction leads price to the next level of interest afterwards.
📌 In this case, it’s a center line of the channel and horizontal resistance at $11,000+.
👍🏻 As a confirmation we need price to return to the channel and to test border without re-exiting.
🔸 Two deviations from the trading channel attracted my attention. Such movements have one goal - to collect your liquidity. By the way, how many of you traded breakouts of the channel or any other classic patterns? ;)
🔸 Typically, a strong impulse in the opposite direction leads price to the next level of interest afterwards.
📌 In this case, it’s a center line of the channel and horizontal resistance at $11,000+.
👍🏻 As a confirmation we need price to return to the channel and to test border without re-exiting.
Note
👀 Price rejected by a channel boundary. Watching this closely:Note
Testing the lower boundary of the channel. Expecting a correction before the breakout.Note
Returned to the channel. Next targets are 10240-11700.Note
Trade closed: target reached
✅ Price has reached central trendline of the ascending channel:https://www.tradingview.com/x/n91WxSgX/[/ image]
Note
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