BITCOIN - Living on the Edge
Updated
BTCUSDT finds itself on the edge of a narrowing channel dating back to June 2019, and we say its almost time! We say Accumulate, you may ask why?
- Going by the book, such patterns yield great returns. Looking at BTC's recent past, narrowing price action often leads to major upsides
- Downside volume is at a minimal - Good sign
- With a medium to long term view, $6300 - $6400 makes a great range, followed by $5800 - $5900. We recommend buying into the Market with a combined closing based stop-loss below $5600. Potential bounce can lead us towards $7800 and $8800 in a few days.
We'll be updating this idea frequently.
Comment
So far, so good. We look forward to the price action around 100SMA.Comment
The narrowing channel is working wonders as seen in early Asian trading hours today. If you missed out on the rally, target $7,640-$7,750 for entry, targetting $8,900 - $9,100 range, with a stop under $7,500
Comment
Post breakout Price action and volume looks positive. We do expect some resistance around $9,400 - $9,500.Trade closed: target reached
TP 2 achieved!!
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