Happy SaturdayTraders, Investors & Gamblers 😃
As you can see in the chart, Bitcoin is in a very nice spot to find a short-term bounce here on the trend support.
It could become a long-term bounce if BTC can confirm above 32k (previous range highs) after breaking out of the current downtrend (descending channel).
This is also in line with my previous idea from a couple of days ago where I pointed out the ascending channel on the 4h chart. (See below 👇)
Even though we also see the symetrical triangle as an indicator for continuation to the downside, we have seen Bitcoin move sideways out of these type of continuation patterns lately, which I'm also expecting for the remain of the weekend, or at least until the Futures markets open tomorrow.
4h Ascending Channel :
I would like to add that this is only for educational purpose and in no way a guarantee that it will play out this way, nor is this or are any of my posts financial advise.
As always, A BIG THANK YOU for stopping by, I hope you liked my post! If you did, please take a second to drop a like or comment, every engagement puts a smile on my face, but also helps me to get my ideas out to many more of you guys! 😃🙏
Happy Trading ✌♥📈
As you can see in the chart, Bitcoin is in a very nice spot to find a short-term bounce here on the trend support.
It could become a long-term bounce if BTC can confirm above 32k (previous range highs) after breaking out of the current downtrend (descending channel).
This is also in line with my previous idea from a couple of days ago where I pointed out the ascending channel on the 4h chart. (See below 👇)
Even though we also see the symetrical triangle as an indicator for continuation to the downside, we have seen Bitcoin move sideways out of these type of continuation patterns lately, which I'm also expecting for the remain of the weekend, or at least until the Futures markets open tomorrow.
4h Ascending Channel :
I would like to add that this is only for educational purpose and in no way a guarantee that it will play out this way, nor is this or are any of my posts financial advise.
As always, A BIG THANK YOU for stopping by, I hope you liked my post! If you did, please take a second to drop a like or comment, every engagement puts a smile on my face, but also helps me to get my ideas out to many more of you guys! 😃🙏
Happy Trading ✌♥📈
