#BITCOIN - This #HALVING Growth Is Endgame for SHORTS
The price is moving inside the big ascending channel. On its way upwards, $BTC broke through the global resistance (marked on the chart) and took a hold above the one, which is a clear bullish sign.
However, now the price was stopped by the psychological resistance at $10000. At the moment the main support is located at $9530 level that still was not tested. Moreover, the price still didn't test the resistance of the ascending channel.
The ascending resistance is crossing with another strong resistance - $10500 (large cluster of Fibo levels) which should be reached right at the moment of Halving. This resistance can work as a magnet for the price, cause we need to test one. If this level is broken with the strong upward spike, we can easily see a $11000 level soon as well.
As soon as the $10000 is broken and the price start consolidating above it, chances of going lower to $9530 are decreasing while chances of going higher to $10500 are increasing. The market is bullish and purchases are in priority. Entering SHORTs now can be very risky.
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However, now the price was stopped by the psychological resistance at $10000. At the moment the main support is located at $9530 level that still was not tested. Moreover, the price still didn't test the resistance of the ascending channel.
The ascending resistance is crossing with another strong resistance - $10500 (large cluster of Fibo levels) which should be reached right at the moment of Halving. This resistance can work as a magnet for the price, cause we need to test one. If this level is broken with the strong upward spike, we can easily see a $11000 level soon as well.
As soon as the $10000 is broken and the price start consolidating above it, chances of going lower to $9530 are decreasing while chances of going higher to $10500 are increasing. The market is bullish and purchases are in priority. Entering SHORTs now can be very risky.
Hope you enjoyed reading my idea, if it is so - don't forget to Like it! Moreover, you can find more signals in our telegram channel. Also, you can support us by becoming our Bybit referral 😇. All links can be found below this idea.
Comment:
The price just touched the ascending support of the channel. As long as $BTC stays above the $9530, long positions are safe.
If during weekend the price break down through this support, we should see a reaction at Monday cause there will be a gap above the price.
We stay without a position on $BTC, as we always do on weekends.
The price just touched the ascending support of the channel. As long as $BTC stays above the $9530, long positions are safe.
If during weekend the price break down through this support, we should see a reaction at Monday cause there will be a gap above the price.
We stay without a position on $BTC, as we always do on weekends.
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May be I'm overreacting at the moment, but everything fits perfectly. Now we have a perfect ascending channel with the middle line which is also respected by the price of $BTC. Before updating a local high, the price needs to trigger stop losses of short positions opened below the $10000.
Then test the support of $9530 and trigger a bunch of long stops. After these movements $BTC can easily continue going upwards following the ascending channel and reach $10500 resistance just in time of Halving.