BTC/USD is looking like it wants to reject the upper trendline of the downtrend channel here. if it can break below 11k, 3 target prices are labeled on the chart.trade at your own risk
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Note
understand that even though I have these targets, I do not think that the 3rd will be the true bottom of this bear market. rather, I expect the true bottom to appear roughly between a range of $5.5k and $4k (as shown in the blue rectangle here):Trade closed manually
market is about to enter a decision point. price has broken above the upper resistance channel for the second time - the more times it breaks above it, the higher the probability becomes that it will break out of the greater downtrend.there is currently the possibility of a confirmed inverse head & shoulders. if it can break above the neckline here, rough target is labeled on the chart:
if it breaks below $10k again, expect a continuation of the corrective pattern as initially outlined.
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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.