BTC failed to breakthrough the bear channel its been confined to for the past 2 years
- Watching for a retest of the 1st support level (yellow)
- Watching for 2nd drop to 5 year green trend line, with additional support at the 2nd yellow support line
- Both of these scenarios set up for a H&S pattern within the bear channel
- Watching for a retest of the channel a third time in 2-3 months give or take
Short Term (1 Month) - Short to 1st Level @ $8,700
- Short to 2nd Level @ $7,500
Long Term (3-5 Month) - Accumulate & Long at above mentioned levels anticipating third retest of Bear Channel for breakout, not a matter of IF but WHEN
- Watching for a retest of the 1st support level (yellow)
- Watching for 2nd drop to 5 year green trend line, with additional support at the 2nd yellow support line
- Both of these scenarios set up for a H&S pattern within the bear channel
- Watching for a retest of the channel a third time in 2-3 months give or take
Short Term (1 Month) - Short to 1st Level @ $8,700
- Short to 2nd Level @ $7,500
Long Term (3-5 Month) - Accumulate & Long at above mentioned levels anticipating third retest of Bear Channel for breakout, not a matter of IF but WHEN
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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.
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.