You all probably know the purple parallel channel that's been containing bitcoin for the past month.
BTC managed to hit the top of the channel with just 2 pumps, and BTC has retraced a little bit.
The orange area is resistance turned support, and also we have the 14D EMA which has acted very well as resistance.
Now that BTC has gone above the 14D EMA, I expect it to act as support.
I think after making a retracement, BTC will break out of the purple channel. But with regard to how much BTC will go up, all bets are off
BTC managed to hit the top of the channel with just 2 pumps, and BTC has retraced a little bit.
The orange area is resistance turned support, and also we have the 14D EMA which has acted very well as resistance.
Now that BTC has gone above the 14D EMA, I expect it to act as support.
I think after making a retracement, BTC will break out of the purple channel. But with regard to how much BTC will go up, all bets are off
Note
Closeup: Also, don't mind the numbering. Those are not EW's. Just a possible trajectory
Note
To be honest, I'm clueless as to whether this bull flag is going to complete or bart back down. I closed my long too early at 6340.I started seeing selling pressure at 12PM(noon) EST time, and the price action has not been very convincing. If anything, it looked like distribution.
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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.