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formalrisk

BTCUSD swing trade for Breakout or Pull-back on Congestion

Bitcoin (BITSTAMP:BTCUSD)  
formalrisk Updated   
BITSTAMP:BTCUSD   Bitcoin
Trend Analysis Chart Patterns Support and Resistance parallelchannels congestion_channel pullbackprice breakoutprice swingtrading
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trendanalysis chartpattern supportandresistance parallelchannels congestion_channel pullbackprice breakoutprice swingtrading
BTCUSD has been playing a little stalemate with us as of the past week. As evidenced by the green parallel, there has been a strong trend upward since the Covid pullback, but that trend has become weak in recent days due to sideways price movement. Timing a breakout or pullback can be difficult, but I've set some price guidelines where the congestion channel intersects with the uptrend channel. Depending on which of these prices BTC hits next, we should expect a breakout or pullback.
Comment:
BTCUSD has broken below the 6867 mark. Get ready for a dump
Comment:
Tanking oil prices proved to be anomalous - massive divergence from SPX movement, which was positive. False bear-ish indicator. Current upward pressure on prices could be last bullish move before equities start getting crushed by earnings season.
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