Will Bitcoin push the price back up?
Updated
Hello guys!
Bitcoin is pushed down by the daily resistance level.
As you can see, it was a breakout attempt from the ascending channel, which pushed the price higher.
So far, everything looks good: The price pumped and reached resistance, and now it's taking a step back to confirm the price. This fills the gap and doesn't leave room for bubbles.
If the channel's upper band and the static support level hold and push the price back up, we can confirm this as a successful breakout.
If not, the price might fall back inside the channel and stop somewhere around the support level on the chart and the channel's lower band.
Let me know what you think. I would love to hear your ideas.
Good luck!
Bitcoin is pushed down by the daily resistance level.
As you can see, it was a breakout attempt from the ascending channel, which pushed the price higher.
So far, everything looks good: The price pumped and reached resistance, and now it's taking a step back to confirm the price. This fills the gap and doesn't leave room for bubbles.
If the channel's upper band and the static support level hold and push the price back up, we can confirm this as a successful breakout.
If not, the price might fall back inside the channel and stop somewhere around the support level on the chart and the channel's lower band.
Let me know what you think. I would love to hear your ideas.
Good luck!
Trade closed: target reached
Breakout formed and targets reached. The next analysis will be in the next post.
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