In yesterday's bitcoin update I said that a wedge pattern had formed on the chart. And that bitcoin is correcting.
As you can see after my update the price dropped more than 5%. Now it is very likely that it could go even lower. The nearest liquidity zone marked below is where bitcoin is likely to stop locally. Most traders put their stop losses behind the local low of $42,440.
After the liquidity pickup, bitcoin could bounce locally.
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P.S. I personally will open entry if the price will show it according to my strategy.
Always make your analysis before a trade
Note
BTC has broken the sloping trend line, we should now expect at least a new local re-high Note
3,000 bitcoins were traded at 46,000. This is a very large volume, which could push the price down.
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Get access to the private club with VIP signals
👉 bit.ly/vipsignals_bikotrading
🔷Telegram 👉 t.me/+ICrmLIneDmRiYjIy
🔷YouTube 👉 bit.ly/YouTube__Lessons
👉 bit.ly/vipsignals_bikotrading
🔷Telegram 👉 t.me/+ICrmLIneDmRiYjIy
🔷YouTube 👉 bit.ly/YouTube__Lessons
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.