Bitcoin / TetherUSShort
Bitcoin: Possible false Trend Channel Line upside breakout
The market had formed a trading range after the Trend Channel Line climactic breakout to the upside. After the recent bar attempt to break out of the trading range, however, it seems to have been rejected, as the long tail on the top indicates. As such, this could potentially be a failed final Flag, which is quite a strong reversal pattern. The target is unknown for now, but it will likely retest the Trend Channel Upper Line/resistance first.
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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.