sniperz

BTC - Broke the downtrend channel, whats next?

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
227 views
7
BTC broke the downtrend channel , bull divergence played in our favor.

Next resistence is 6700.
Next support is 6250

A possibility of double bottom
just like the one which we saw in April
Confirmation at breaking the neckline

Still a long way to go for a confirmed reversal
but there are signs of sellers getting exhausted
and losing momentum. Also there is no significant
volume yet

Patience will get rewarded.
Comment: Bull Flag formation on 4 hr time frame.

Comment: Bull Flag breakout played out to the perfection with our analysis.

Comments

I think it will go to 7477
Reply
sniperz jaysonseaman
@jaysonseaman,
Yes it can go and test the resistance around 7800 or the big downtrend line whichever comes sooner.
Reply
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