Hi Traders,
So this is the current structure BTC is playing within. A downward sloping channel with trap zone on either side. Price has currently rejecting the lower zone as support and is pushing higher. We will need to watch momentum and strength of the push up in prices as it edges closer to the 50MA and second confluence zone. If we manage to gain momentum and volume to break the second zone we will go higher to the top zone where we're likely to see small pullback, testing short term support to then take prices much higher.
On the other hand if we fail to break the 50MA and top of the channel then its likely for us to see a continuation to the bearish sentiment sending prices to the bottom of the channel with the chance of a breakout of the bottom taking us towards the sub $20k price levels.
Thanks
MS
⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️
So this is the current structure BTC is playing within. A downward sloping channel with trap zone on either side. Price has currently rejecting the lower zone as support and is pushing higher. We will need to watch momentum and strength of the push up in prices as it edges closer to the 50MA and second confluence zone. If we manage to gain momentum and volume to break the second zone we will go higher to the top zone where we're likely to see small pullback, testing short term support to then take prices much higher.
On the other hand if we fail to break the 50MA and top of the channel then its likely for us to see a continuation to the bearish sentiment sending prices to the bottom of the channel with the chance of a breakout of the bottom taking us towards the sub $20k price levels.
Thanks
MS
⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️
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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.