As we wrote in the previous update: "However, it is very important to understand, that in case of the triangle breakout, the whole bearish scenario will be cancelled.". Now the price takes hold above the $8565 level which means that the price is currently staying above the horizontal channel upper border.
Moreover, there is a convergence on RSI - bullish sign as well. Targets for upward movement can be noticed on the Fib. Retracement, $8800 - $8870 - $8965. We still hold our LONG position since $8200.
By the way, if the price come back inside the channel (below the $8500),then we should expect a downward correction to the $8245 level, at least. So, if you don't hold any position, now you know where to put SL :)
Moreover, there is a convergence on RSI - bullish sign as well. Targets for upward movement can be noticed on the Fib. Retracement, $8800 - $8870 - $8965. We still hold our LONG position since $8200.
By the way, if the price come back inside the channel (below the $8500),then we should expect a downward correction to the $8245 level, at least. So, if you don't hold any position, now you know where to put SL :)
Note
literally a few minutes ago there was activated a new support level, it is located at the $8430 point. This support can help bulls to keep the price from falling, in case the level $8565 will be broken.
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Disclaimer
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Klondike Official Links:
Website:
klondikepro.com/
Public Telegram Channel:
t.me/CryptoKlondike
Twitter:
twitter.com/Robert_Klondike
Trade on Bybit with us:
partner.bybit.com/b/6694
Website:
klondikepro.com/
Public Telegram Channel:
t.me/CryptoKlondike
Twitter:
twitter.com/Robert_Klondike
Trade on Bybit with us:
partner.bybit.com/b/6694
Related publications
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.