BTCUSD. Price Still in Upward Channel
Just an OPINION if it is useful please like and FOLLOW
Hello traders,
What we see:
1. A clean upward channel on the daily. With two bullish flags (rally + correction)
2. In the channel we have two rallies and two corrections.
3. We are currently on the second correction.
4. Both rallies and corrections look very similar.
5. First correction retraced between 50% to 61.8% of the first rally. It broke out of the falling wedge to go for the second rally.
6. In this second correction (currently in progress) looks very similar to the last move (inside a falling wedge ), if it repeats then it can go for a third rally inside the channel.
7. Invalidation. If price decides to break out of the channel then look for lower prices.
8. In the 4hr chart, in the current correction, we have declining momentum (a still valid bullish divergence , not visible in the daily)
9. We have a strong pivot at 53K (strong support). Price can bounce from here as it did in the previous correction from its strong pivot (strong support) at 41k .
Conclusion: We are expecting price to bounce around the 52-53k area and continue it's way up for higher prices.
To invalidate this analysis price needs to break down outside of the channel.
Step by step is the best way. Best of best my friend.
Robertus
Hello traders,
What we see:
1. A clean upward channel on the daily. With two bullish flags (rally + correction)
2. In the channel we have two rallies and two corrections.
3. We are currently on the second correction.
4. Both rallies and corrections look very similar.
5. First correction retraced between 50% to 61.8% of the first rally. It broke out of the falling wedge to go for the second rally.
6. In this second correction (currently in progress) looks very similar to the last move (inside a falling wedge ), if it repeats then it can go for a third rally inside the channel.
7. Invalidation. If price decides to break out of the channel then look for lower prices.
8. In the 4hr chart, in the current correction, we have declining momentum (a still valid bullish divergence , not visible in the daily)
9. We have a strong pivot at 53K (strong support). Price can bounce from here as it did in the previous correction from its strong pivot (strong support) at 41k .
Conclusion: We are expecting price to bounce around the 52-53k area and continue it's way up for higher prices.
To invalidate this analysis price needs to break down outside of the channel.
Step by step is the best way. Best of best my friend.
Robertus
“All fixed set patterns are incapable of adaptability or pliability. The truth is outside of all fixed patterns” BL
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