As mentioned previously, Bitcoin is in a descending channel, and the strategy of shorting on rebounds is correct. After rebounding above 114,000, it encountered resistance from the descending channel and then fell smoothly, pocketing profits from the short position.
A small-scale downward trend channel forms within this channel, where the market primarily experiences volatile declines. A break below the channel will accelerate the decline.
For short-term trading, long positions should be established at channel support and short positions should be opened at channel resistance.
A small-scale downward trend channel forms within this channel, where the market primarily experiences volatile declines. A break below the channel will accelerate the decline.
For short-term trading, long positions should be established at channel support and short positions should be opened at channel resistance.
If you have questions about the direction of gold, crude oil, Bitcoin, and Ethereum, you can follow me.
I share my trading ideas and strategies daily for your reference. Feel free to follow my updates.
I share my trading ideas and strategies daily for your reference. Feel free to follow my updates.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
If you have questions about the direction of gold, crude oil, Bitcoin, and Ethereum, you can follow me.
I share my trading ideas and strategies daily for your reference. Feel free to follow my updates.
I share my trading ideas and strategies daily for your reference. Feel free to follow my updates.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.