BTC Channel, long position taken
Updated
As you can see, BTC is now at the bottom of a valid short term channel
At this point it will either:
- Find support and rally to upper channel limit (or midway in the more short term) or
- Exit the channel to the downside, forming a new bearish trend down to next support
- My indications on long timeframes and charts on 4 hr timeframes are signalling that BTC will stay in this channel and rally:
- MACD histogram appears to be at peak selling momentum
- Stochastic is signalling a crossover and has already crossed on the shorter timeframes
- RSI not at limit
- I have entered a long in this position at $44,220
- Stop loss is set just below next support at $42,500
happy hunting
At this point it will either:
- Find support and rally to upper channel limit (or midway in the more short term) or
- Exit the channel to the downside, forming a new bearish trend down to next support
- My indications on long timeframes and charts on 4 hr timeframes are signalling that BTC will stay in this channel and rally:
- MACD histogram appears to be at peak selling momentum
- Stochastic is signalling a crossover and has already crossed on the shorter timeframes
- RSI not at limit
- I have entered a long in this position at $44,220
- Stop loss is set just below next support at $42,500
happy hunting
Note
so good so far
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