Bitcoin broke the bottom of the channel and panic has happened. Still no big deal, yet. There are two major support areas ahead: the first is the bottom of the major ascending channel, and the second is the horizontal double lines area. If you are a holder and want to buy Bitcoin or any other altcoins, best to wait and buy in these areas. If you are a swing future trader, Bitcoin moving in either way is an opportunity for trade; now it's time to sell.
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For swing traders: it seems Bitcoin might start a small uptrend wave targeting 32K to 33K (double green lines).
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Well, the expected swing in the last update didn't happen. Instead, it seems Bitcoin is oscillating in a triangular pattern. Have to wait and see in what direction and how it breaks.
Note
Finally, Bitcoin broke the triangular pattern and the good news is it's going upward (maybe it is not good news!). However, it is too soon to say with certainty that Bitcoin has started a major uptrend wave.
For the record, US Dollar Index (DXY) has started a downtrend wave and it seems money is coming out of the DXY and into the Bitcoin. So, if the DXY downtrend wave is temporary, there is a high probability that the current Bitcoin upward trend reverses. So, be careful.
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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.