BTCUSD. Bitcoin.
The price action is supporting a bullish move from the current price area, as it remains just above the 100 EMA . This can be a good level to buy bitcoin as it may be the lowest price we get to see ever (or in a very long time). Since the correction is taking place on a higher time frame, it is likely to take a few more months before the price breaks out the previous high at $69K.
Although the other technicals are supporting the triangle formation, alternatively any price movement below the previous low ($28,600) would invalidate the triangle structure. In such a scenario, we are likely to see an extended correction below this level.
Manage your risk while trading.
The price action is supporting a bullish move from the current price area, as it remains just above the 100 EMA . This can be a good level to buy bitcoin as it may be the lowest price we get to see ever (or in a very long time). Since the correction is taking place on a higher time frame, it is likely to take a few more months before the price breaks out the previous high at $69K.
Although the other technicals are supporting the triangle formation, alternatively any price movement below the previous low ($28,600) would invalidate the triangle structure. In such a scenario, we are likely to see an extended correction below this level.
Manage your risk while trading.
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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.
Related publications
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.