Hello guys!
Bitcoin has officially broken below the descending channel it was stuck in for weeks. Right now, price is pulling back to retest the broken channel, which is now acting as resistance around the 114,700 zone.
What I'm watching:
So far, it looks like a clean setup for further downside, unless bulls manage to reclaim that broken trendline. Until then, the pressure remains to the downside.
Let’s see how price reacts here... Rejection = short opportunity.
Bitcoin has officially broken below the descending channel it was stuck in for weeks. Right now, price is pulling back to retest the broken channel, which is now acting as resistance around the 114,700 zone.
What I'm watching:
- Broken channel = bearish signal
- Retest zone around 114,700
- Downside target near 110,400
So far, it looks like a clean setup for further downside, unless bulls manage to reclaim that broken trendline. Until then, the pressure remains to the downside.
Let’s see how price reacts here... Rejection = short opportunity.
Note
BTC Breaks Down - Update:
The pointed area has been touched, but the short position is not confirmed yet!
👉 My recommended broker: bit.ly/HYMCMELI
____
Telegram channel: t.me/melikatrader94
Forex telegram channel: t.me/melikatrader94GoldForex
____
Telegram channel: t.me/melikatrader94
Forex telegram channel: t.me/melikatrader94GoldForex
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.
👉 My recommended broker: bit.ly/HYMCMELI
____
Telegram channel: t.me/melikatrader94
Forex telegram channel: t.me/melikatrader94GoldForex
____
Telegram channel: t.me/melikatrader94
Forex telegram channel: t.me/melikatrader94GoldForex
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.