BTC → descending channel
Updated
Hey everyone,
Let's dive into our analysis of Bitcoin (BTC) and see what's been happening lately.
First off, we noticed a descending channel forming, which is a common pattern in technical analysis. However, something interesting happened – BTC managed to break out of this channel. But hold on, the story doesn't end there.
After the breakout, BTC didn't quite shoot to the moon. Instead, it embarked on a downward journey, eventually touching the lower boundary of the channel, marking the second touchpoint. This can sometimes be a signal of strong support or resistance.
Following this touch, BTC decided to hang out in a range for a bit. It traded sideways within a defined range and, importantly, it then broke out of this range to reach a level we've marked as the gray area, which was our target from the range pattern. Bulls were dancing at this point.
However, the crypto rollercoaster had more twists in store. After hitting our target, BTC resumed its downward movement and formed what's known as a QM pattern. This pattern often indicates a potential reversal or a significant change in trend direction.
Now, here's where the real excitement begins. We've identified two blue areas that seem like attractive spots for short positions:
**Entry Range:** 26,220 - 26,805
**Target:** 25,312
These levels could potentially be strategic for traders looking to capitalize on a bearish move. Of course, it's important to remember that the crypto market can be highly volatile, and it's wise to incorporate risk management strategies into your trading plan.
So, in summary, BTC has taken us on a journey through a descending channel, a range, and now a QM pattern, offering some interesting shorting opportunities for those willing to navigate these market dynamics. Keep a close eye on these levels and be ready to adapt as the market unfolds. Happy trading!
_______________________________
always do your research.
If you have any questions, you can write them in the comments below, and I will answer them.
And please don't forget to support this idea with your likes and comment
Let's dive into our analysis of Bitcoin (BTC) and see what's been happening lately.
First off, we noticed a descending channel forming, which is a common pattern in technical analysis. However, something interesting happened – BTC managed to break out of this channel. But hold on, the story doesn't end there.
After the breakout, BTC didn't quite shoot to the moon. Instead, it embarked on a downward journey, eventually touching the lower boundary of the channel, marking the second touchpoint. This can sometimes be a signal of strong support or resistance.
Following this touch, BTC decided to hang out in a range for a bit. It traded sideways within a defined range and, importantly, it then broke out of this range to reach a level we've marked as the gray area, which was our target from the range pattern. Bulls were dancing at this point.
However, the crypto rollercoaster had more twists in store. After hitting our target, BTC resumed its downward movement and formed what's known as a QM pattern. This pattern often indicates a potential reversal or a significant change in trend direction.
Now, here's where the real excitement begins. We've identified two blue areas that seem like attractive spots for short positions:
**Entry Range:** 26,220 - 26,805
**Target:** 25,312
These levels could potentially be strategic for traders looking to capitalize on a bearish move. Of course, it's important to remember that the crypto market can be highly volatile, and it's wise to incorporate risk management strategies into your trading plan.
So, in summary, BTC has taken us on a journey through a descending channel, a range, and now a QM pattern, offering some interesting shorting opportunities for those willing to navigate these market dynamics. Keep a close eye on these levels and be ready to adapt as the market unfolds. Happy trading!
_______________________________
always do your research.
If you have any questions, you can write them in the comments below, and I will answer them.
And please don't forget to support this idea with your likes and comment
Trade closed: target reached
the target of the long position reachedComment
it is possible if we see a hunting below than the range!Comment
double huntingTrade closed: target reached
short position hit the target too
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bit.ly/HYCM-M
__________
Join the platform I trade on and get up to a $500 welcome reward!
bitmart.com/invite/cjmwja/en
__________
My telegram channel:
t.me/melikatrader94
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