Hi Traders,
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Analysis:
Bitcoin has been trapped within this downward channel for nearly a year now.
As you can see, the price has reached the top of the channel here which gives us traders an opportunity to capitalize.
On the 4h time frame, I have identified a double top pattern near the February 14th resistance level.
In a perfect world, the ideal entry will be at or around the 9,965 levels since this is the top of the reversal pattern. If price breaks the 11,000 level, this idea is invalidated and the trade should be closed. If the trade goes down as planned, a good take profit would be at the 4,483 level.
If you guys found value from this analysis let me know in the comments and give this idea a like!
Safe trading,
Disclaimer: For educational purposes only
If you like this idea you can show your support by giving me a like and a follow. Thanks!
Analysis:
Bitcoin has been trapped within this downward channel for nearly a year now.
As you can see, the price has reached the top of the channel here which gives us traders an opportunity to capitalize.
On the 4h time frame, I have identified a double top pattern near the February 14th resistance level.
In a perfect world, the ideal entry will be at or around the 9,965 levels since this is the top of the reversal pattern. If price breaks the 11,000 level, this idea is invalidated and the trade should be closed. If the trade goes down as planned, a good take profit would be at the 4,483 level.
If you guys found value from this analysis let me know in the comments and give this idea a like!
Safe trading,
Disclaimer: For educational purposes only