Update on BTC bull channel (previous target 7360 reached)
Updated
Update on the BTC channel. I said 7360 and it seems to have bounced at 7358, which is a pretty good call if I may say to myself.
I made an adjustment to the channel which affects price and the time where it will teach the target, which I've lowered to 8800. I've brought down the top of the channel to the top of path it has been following these past few days. If it breaks the top channel, it's probably going to be an indication that the path was indeed the center and quarter of the channel, but at the moment I think we can safely assume that it was the top and center. If you missed the 7360 opportunity, you're odds are better if you wait until it comes hit the bottom of the channel again.
Happy trading!
I made an adjustment to the channel which affects price and the time where it will teach the target, which I've lowered to 8800. I've brought down the top of the channel to the top of path it has been following these past few days. If it breaks the top channel, it's probably going to be an indication that the path was indeed the center and quarter of the channel, but at the moment I think we can safely assume that it was the top and center. If you missed the 7360 opportunity, you're odds are better if you wait until it comes hit the bottom of the channel again.
Happy trading!
Note
Just a quick update, BTC is still in the channel so for the moment it seems to be doing good. There's a bullish divergence on the 4H chart, which is a good indication that the channel boundary will hold. In this screenshot I've adjusted the channel a little bit the other day to make it tighter and it touched and bounced right where it was supposed to. If BTC breaks south of the channel and closes under 7450 I would start to worry, but until then I consider this analysis to still be valid.À
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