Bitcoin new channel
Updated
Risk: low
Hi followers,
I provide you with an update for Bitcoin, because it broke out its old channel today. (dotted line) What we see is a possible new channel for coming weeks. (Blue lines). If we close below the new channel, then it is very likely that we will see a larger correction. If we get signs of a larger correction, contrary to other coins, I'll not short Bitcoin, because it is so bullish and it is still gaining popularity all over the world.
Bitcoin perfectly bounced the 38.2% fibbonaci retracement level (Not on this chart)
Buy: At the bottom area of the channel.
Sell: In the area at the top of the channel.
SL: Below trading channel. (Be aware of a quick spike coming days)
Support:
Channel line (Blue)
17821 (Fibbo)
At the time of writing, I just expanded my position in BTC.
Please, follow and like for more trading ideas.
Questions? Feel free to ask and your feedback is welcome.
Hi followers,
I provide you with an update for Bitcoin, because it broke out its old channel today. (dotted line) What we see is a possible new channel for coming weeks. (Blue lines). If we close below the new channel, then it is very likely that we will see a larger correction. If we get signs of a larger correction, contrary to other coins, I'll not short Bitcoin, because it is so bullish and it is still gaining popularity all over the world.
Bitcoin perfectly bounced the 38.2% fibbonaci retracement level (Not on this chart)
Buy: At the bottom area of the channel.
Sell: In the area at the top of the channel.
SL: Below trading channel. (Be aware of a quick spike coming days)
Support:
Channel line (Blue)
17821 (Fibbo)
At the time of writing, I just expanded my position in BTC.
Please, follow and like for more trading ideas.
Questions? Feel free to ask and your feedback is welcome.
Note
We broke the channel downwards, I''ll keep you updated for new buy levels.Note
Finally, a healthy correction. This isn't a crash, but a normal correction. New support is 15700. (Trend line and 50ma) Buy when other people panic. I bought a position again.
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