Welcome Traders to 21FX.
Trends and channels can be drawn how the trader interprets them. Most traders will have different variations of the trend so although we can use them as guides they are very rarely 100% accurate. Having said that, if the trend is working then why change it! Bitcoin is again testing the support level below, what we have to remember is that the more a level is tested the weaker it becomes. On that basis we would suggest a trade with caution on BTC. The are a lot of buyers still holding positions above so expect the price to frustrate them a bit before making its move.
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Trends and channels can be drawn how the trader interprets them. Most traders will have different variations of the trend so although we can use them as guides they are very rarely 100% accurate. Having said that, if the trend is working then why change it! Bitcoin is again testing the support level below, what we have to remember is that the more a level is tested the weaker it becomes. On that basis we would suggest a trade with caution on BTC. The are a lot of buyers still holding positions above so expect the price to frustrate them a bit before making its move.
Please do like, comment and give us a follow.
