BITCOIN Formed Ascending Channel!
Updated
What's up Everyone! 😃
Bitcoin has been forming this channel on the 4h chart since the pump on January 24th. The most recent dump confirmed the bottom of the channel and we are once again looking at the the targets of 39k - 40k on the upside.
If we manage to break above 40k our first targets would be 43k-44k representing the neckline of the latest dip and a potential 'W' pattern which could form.
Then eventually we would have break 48k-51.6k which would put us back above the bull market support band.
Even though I see another rally in the short-term to the previously mentioned 39k-40k region, I don't see Bitcoin above the Bull market support band before we fall back down to the levels that await below the current ascending channel support at about 36k.
That would take BTC to the 35k-33k support area and eventually 31k-29k where we could find a bounce as we did on a couple of occasions last year before we reached new ATH's both times (see below 👇).
I broke it down more specifically below 👇 in my latest video 🎞️:
I would like to add that this is only for educational purpose and in no way a guarantee that it will play out this way, nor is this or are any of my posts financial advice.
Thanks for stopping by, I hope you liked my post, and if you did, please drop a like or comment, it helps me to
improve my ideas and puts a smile on my face! 😃🙏
Bitcoin has been forming this channel on the 4h chart since the pump on January 24th. The most recent dump confirmed the bottom of the channel and we are once again looking at the the targets of 39k - 40k on the upside.
If we manage to break above 40k our first targets would be 43k-44k representing the neckline of the latest dip and a potential 'W' pattern which could form.
Then eventually we would have break 48k-51.6k which would put us back above the bull market support band.
Even though I see another rally in the short-term to the previously mentioned 39k-40k region, I don't see Bitcoin above the Bull market support band before we fall back down to the levels that await below the current ascending channel support at about 36k.
That would take BTC to the 35k-33k support area and eventually 31k-29k where we could find a bounce as we did on a couple of occasions last year before we reached new ATH's both times (see below 👇).
I broke it down more specifically below 👇 in my latest video 🎞️:
I would like to add that this is only for educational purpose and in no way a guarantee that it will play out this way, nor is this or are any of my posts financial advice.
Thanks for stopping by, I hope you liked my post, and if you did, please drop a like or comment, it helps me to
improve my ideas and puts a smile on my face! 😃🙏
Note
We have to keep an eye on traditional markets also, since they rallied before, but dropped after the fed. Meeting and announcements of future interest rates increase yesterday. Even though no specific date was set. So far Dow Jones opened green a few minutes ago.Note
Hanging on, let's see which direction it will be 😉. The targets up or down remain the same.Note
That's it for this long for now.Trade closed: stop reached
Trade closed: stop reached
Great opportunity to display how important it is to cut losss.P.S. I look to re-enter my long position if we can hold support and get confirmation for another attempt to the above mentioned targets.
Note
I hope this was a great example for you guys and as always, for educational purpose only and no financial advise! ✌
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