1. The BTC price is losing a bullish channel, the high of which coincided with the third impulse wave, since it started the upward trend from January.
2. This bullish channel coincides with the upper parallel of a trident. The price is breaking the bottom of the channel, which coincides with 0.328 on the upper side of the trident (in purple).
3. BTC is testing strong support at
28,600. If the candle for this Thursday closes below the indicated bullish channel, it will have broken the pattern.4. The breakout occurred on high volume, so this breakout is valid.
5. If BTC loses the support of
28,600 in the next few days, the price would attack the median of the trident, which could generate a panic sale. This would complete the fourth wave, which is correction. The target may be at $24,900.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.