Bitcoin has broken through the resistance of the 23362 range upwards and is currently stuck in a very narrow consolidation between the 24200 and 23362 levels.
On the chart I have outlined a few reasons why I am leaning more towards the short scenario, even though we have a visible upward channel, but we should not rule out a long scenario.
Bitcoin has been trading in a sideways range for a long time and started to form an uptrend channel at some point. The price is making excellent boundaries and is trading near the resistance zone at the moment.
The cryptocurrency may not have strong news and positive leverage for further strong moves, so I will wait for a drop from the resistance zone.
On the chart I have marked two medium term targets. For the long scenario: resistance at 26700. For the short scenario: the support zone of the 21650 range.
Regards R. Linda!
On the chart I have outlined a few reasons why I am leaning more towards the short scenario, even though we have a visible upward channel, but we should not rule out a long scenario.
Bitcoin has been trading in a sideways range for a long time and started to form an uptrend channel at some point. The price is making excellent boundaries and is trading near the resistance zone at the moment.
The cryptocurrency may not have strong news and positive leverage for further strong moves, so I will wait for a drop from the resistance zone.
On the chart I have marked two medium term targets. For the long scenario: resistance at 26700. For the short scenario: the support zone of the 21650 range.
Regards R. Linda!
Trade active
+6% in momentNote
Bitcoin is following the bears and is likely to choose the short scenario. A correction is forming in the local rising market
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🌹TRADING is a CASINO💔!?
NO‼️
Join me, I'll guide you to PROFITABLE TRADING💵!
(don't copy, click on the links!)
🟢Telegram Channel: t.me/RLindaTrade
🧿 Web: rlinda.com
🔴Contact: t.me/RLindaSignals
NO‼️
Join me, I'll guide you to PROFITABLE TRADING💵!
(don't copy, click on the links!)
🟢Telegram Channel: t.me/RLindaTrade
🧿 Web: rlinda.com
🔴Contact: t.me/RLindaSignals
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.