The shoulder head shoulder pattern may result in an upside move. Long trade can be opened if BTC can make a nice retest coming out of the ascending triangle.
In case of a rise, the 44k level will be quite critical. If it goes above this level and makes it a support level, the rise may continue until the top of the channel. If it cannot close above it, a retreat to current levels is possible.
In case of a rise, the 44k level will be quite critical. If it goes above this level and makes it a support level, the rise may continue until the top of the channel. If it cannot close above it, a retreat to current levels is possible.
Note
It had a nice rise and managed to get into the channel. However, its momentum has weakened and may not be enough to stay inside the channel. It may retreat to the 44k level. As I said in the previous comment, if it can maintain this level, the rise will continue.
Those who open long trades can pull their stop orders just below the 44k level.
Note
There was a nice rise and it reached the middle of the channel. The previous resistance level will be difficult to break through at this point.
Therefore, I am selling 75% of the position. At this point, a retracement to 45.5k-45k levels may come. I will wait for these levels to buy again.
Trade closed: target reached
BTC reached the target and touched the top of the channel. There may be a pullback at this point.
If BTC dominance falls and BTC moves sideways, we may see altcoin rallies. I will look for buying opportunities in altcoins.
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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.