Bitcoin Technical Analysis: Projected Channel Resistance
Bitcoin Technical Analysis: Projected Channel Resistance
I’ve identified a projected channel line that could serve as resistance if the current level breaks. Here’s the strategy:
Resistance Breakout: A breakout above the current resistance could lead to an upward movement, guided by the channel height.
Pullback Alert: If the breakout doesn’t happen, I’ll watch the support line closely for candlestick momentum signals, which will help assess if a pullback is temporary or a reversal.
Watch for breakout confirmation or momentum shifts to decide your next move. Stay prepared for both outcomes!
I’ve identified a projected channel line that could serve as resistance if the current level breaks. Here’s the strategy:
Resistance Breakout: A breakout above the current resistance could lead to an upward movement, guided by the channel height.
Pullback Alert: If the breakout doesn’t happen, I’ll watch the support line closely for candlestick momentum signals, which will help assess if a pullback is temporary or a reversal.
Watch for breakout confirmation or momentum shifts to decide your next move. Stay prepared for both outcomes!
Trade active
Channels continue to demonstrate their reliability, as seen in how the channel line acted as resistance. Following the price drop, the uptrend line provided support, holding firm for now. While I was optimistic about a stronger rally, this instrument remains a key focus and will definitely stay on my radar.
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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.