Hi guys, this is my overview for BTCUSD, feel free to check it and write your feedback in commentsđź‘Š
The price reversed its prior downtrend with a decisive breakout from a falling channel.
This breakout triggered a strong upward impulse, which then began to consolidate into a large symmetrical pennant.
However, the price recently failed to hold the lower support trendline of this pennant and broke to the downside.
The asset is currently trading just below this broken trendline, in what appears to be a liquidity grab.
To continue upwards, buyers must now overcome the immediate resistance located at the $116300 level.
I expect that this breakdown was a fakeout, and the price will soon reverse, break through the $116300 resistance, and continue its rally toward the $121000 target.
If this post is useful to you, you can support me with like/boost and advice in comments❤️
Disclaimer: As part of ThinkMarkets’ Influencer Program, I am sponsored to share and publish their charts in my analysis.
The price reversed its prior downtrend with a decisive breakout from a falling channel.
This breakout triggered a strong upward impulse, which then began to consolidate into a large symmetrical pennant.
However, the price recently failed to hold the lower support trendline of this pennant and broke to the downside.
The asset is currently trading just below this broken trendline, in what appears to be a liquidity grab.
To continue upwards, buyers must now overcome the immediate resistance located at the $116300 level.
I expect that this breakdown was a fakeout, and the price will soon reverse, break through the $116300 resistance, and continue its rally toward the $121000 target.
If this post is useful to you, you can support me with like/boost and advice in comments❤️
Disclaimer: As part of ThinkMarkets’ Influencer Program, I am sponsored to share and publish their charts in my analysis.
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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.
🔶 Free telegram channel👉 bit.ly/4fKXOY0
🔥 Join our paid VIP community with Forex and Crypto signals in order to improve your trading skills, my contact 👉 bit.ly/4ibtiIs
đź’Ž ThinkMarkets Ambassador Join & explore bit.ly/4j6sALJ
🔥 Join our paid VIP community with Forex and Crypto signals in order to improve your trading skills, my contact 👉 bit.ly/4ibtiIs
đź’Ž ThinkMarkets Ambassador Join & explore bit.ly/4j6sALJ
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.