Bitcoin: BTCUSD
Whipping in a tight range between 16750 resistance and
16650 near term support. A break above 16800 is needed
to open the way for a long trade up to 17235. The large
parallel above price should hold Bitcoin back when it
touches it so look to sell when the underside of the
parallel is tested around the old highs. To power higher
from here it will have to break above that parallel again
and hold up there on any retest. It looks unlikely in the
near term but could happen later: if we see this happen it
will be a very bullish outcome, signalling another 1000-
1200 points of upside, towards the uppermost parallel.
But in the nearer term Bitcoin is likely to meet profit
takers at the parallel and up to the old highs at 17270 and
will likely come back to 16740-16650 range one more time
before bouncing once more. If we see this decline set in
try to use it as entry long with stops below 16580
Whipping in a tight range between 16750 resistance and
16650 near term support. A break above 16800 is needed
to open the way for a long trade up to 17235. The large
parallel above price should hold Bitcoin back when it
touches it so look to sell when the underside of the
parallel is tested around the old highs. To power higher
from here it will have to break above that parallel again
and hold up there on any retest. It looks unlikely in the
near term but could happen later: if we see this happen it
will be a very bullish outcome, signalling another 1000-
1200 points of upside, towards the uppermost parallel.
But in the nearer term Bitcoin is likely to meet profit
takers at the parallel and up to the old highs at 17270 and
will likely come back to 16740-16650 range one more time
before bouncing once more. If we see this decline set in
try to use it as entry long with stops below 16580
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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.
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.