BitcoinShort
Trade Idea on "BITCOIN" by ThinkingAntsOk
4H CHART EXPLANATION:
The main items we observe on the chart are:
a)The daily ascending channel is broken
b)After the breakout of the mentioned channel, the price started a Flat formation
c)Flat formations are considered continuation structures
d)We can see that a new descending channel is formed and now the price is close to the higher trendline of the bearish channel and also
is close to the resistance level area ( the confluence of two areas, TL + RESISTANCE, can be considered as a major reversal zone)
Based on this, if the price breaks down below 7434.0 we expect a continuation of the bearish movement towards the next support zone at 6212.0
DAILY VISION:
The main items we observe on the chart are:
a)The daily ascending channel is broken
b)After the breakout of the mentioned channel, the price started a Flat formation
c)Flat formations are considered continuation structures
d)We can see that a new descending channel is formed and now the price is close to the higher trendline of the bearish channel and also
is close to the resistance level area ( the confluence of two areas, TL + RESISTANCE, can be considered as a major reversal zone)
Based on this, if the price breaks down below 7434.0 we expect a continuation of the bearish movement towards the next support zone at 6212.0
DAILY VISION:
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.
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.