Hello, day traders! I made a basic channel that BTC
has followed today on its massive bull run. It looks pretty parabolic so far, but as of now we are still inside the channel. Even when dipping from $10,200 to sub $9,900! So there is no reason to sell just yet. It looks like we are in the midst of testing the channel, so if you are a day trader keep a look out for it. If you are a long-term holder, there's nothing to worry about!
Keep an eye on the channel, as well as other indicators - RSI support/resistance
, EMA's, etc.
Side note - the yellow line is the massive resistance point we broke through today. This may play a part in the bull run! If we do break out of the channel, look for the yellow line as a support. I wouldn't necessarily call it a safe place to stack buy orders, but I would certainly keep an eye on it. It looks like we have had a 20% run in the last 48 hours. Let's keep it up!