This is the 1 hour chart and here a symmetrical triangle is in a formation.
First, bitcoin broke the bigger parralel channel and now it is moving in a smaller parallel channel which can be more or less called a bear flag.
Now, there are 2 scenarios...
1st one, BTC breaks the symmetrical triangle upwards and tests previous support as resistance. There is also huge resistance at $6650-$6800 levels.
2nd one, BTC breaks downward towards $6300 level (double bottom), if this support fails it will probably head down to $6100 or lower.
It is more likely that BTC breaks downwards.
Therefore, use tight stop losses and keep an eye out for a potential profit opportunity
Happy investing!
First, bitcoin broke the bigger parralel channel and now it is moving in a smaller parallel channel which can be more or less called a bear flag.
Now, there are 2 scenarios...
1st one, BTC breaks the symmetrical triangle upwards and tests previous support as resistance. There is also huge resistance at $6650-$6800 levels.
2nd one, BTC breaks downward towards $6300 level (double bottom), if this support fails it will probably head down to $6100 or lower.
It is more likely that BTC breaks downwards.
Therefore, use tight stop losses and keep an eye out for a potential profit opportunity
Happy investing!
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.