The BTC price is trading inside a short-term range with the following limits:
Yesterday, it broke out above the resistance level but decreased below it shortly after, a strong bearish sign.
Currently, it is trading slightly below the EQ and has created a symmetrical triangle, which is a continuation pattern. Since it is coming after a decrease, a breakdown is expected that would take the price to the support level once more.
The $7650 area offers an interesting opportunity to look for longs in case the price initiates a failed breakdown and reverses to the other side.
- Support - $7750
EQ -$7900
Resistance -$8050
Yesterday, it broke out above the resistance level but decreased below it shortly after, a strong bearish sign.
Currently, it is trading slightly below the EQ and has created a symmetrical triangle, which is a continuation pattern. Since it is coming after a decrease, a breakdown is expected that would take the price to the support level once more.
The $7650 area offers an interesting opportunity to look for longs in case the price initiates a failed breakdown and reverses to the other side.
Trade closed: target reached:
Target reached. As suspected, a possible failed breakdown is underway, since the price is back inside the range.
Attempted a long from $7661.
Please leave a like if you enjoy the charts, going to update this on my next idea.
Target reached. As suspected, a possible failed breakdown is underway, since the price is back inside the range.
Attempted a long from $7661.
Please leave a like if you enjoy the charts, going to update this on my next idea.
