BITCOIN, Consider Local and Global Priorities

At the moment, the Bitcoin is trading within a horizontal channel with a spread between $10000 and $11000. The local levels for buyers and sellers are located at $10220 and $10800. In the previous update, I told that the first sign of the continuation of the downward movement can be a formation of the horizontal channel which we can see now. At the moment our main goal is to observe the price's behaviour and draw conclusions.

Thus, in case the price will consolidate near the maximum levels, we can expect the breakdown of this level. If the price actively reacts to its approach to maximum levels, namely, leaves shadows (wicks) in $10000 or $11000 zones then you should expect the price to be within the channel or in other words - it will breakout.

At the moment, the price is testing the resistance at the $10650 level, from where we can expect a decline to the levels $10220 and $10000. These support levels are the best for opening and averaging a LONG position there. Stop Loss should be placed outside of the mentioned channel. Also, the keenest traders see that there is forming a H&S pattern which can lead us to the $9800 zone. The local market priority is a fall to $10000. The global market priority is a growth up from $10000 to $11000.

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Comment:

The has perfectly reached the level of the first support. In case $BTC will take hold above $10220, we would be able to see upward movements to $10800 - $11000 zone. If the level $10220 will be broken, you can try to catch LONG position in the $10000 zone. All needed information was written in the text above. Priority is BUY at the moment, because the SELL has already worked out.

Comment:

The price has come to the $9950 point and jumped upward to the zone above $10000. In case $10220 will be broken, we will have great chances of reaching $11000. However, if the price trades below the $10000, LONG position might be compromised. Moreover, I want to mention a short squeeze which increases chances of going downward. As you can see, at the moment priority is more SHORT than LONG.