LegionQ8

Bitcoin can make small movement up and then back up to wedge

Short
BINANCE:BTCUSDT   Bitcoin / TetherUS
Hello traders, I want share with you my opinion about Bitcoin. Looking at the chart, we can see how the price a few days ago price started to trades inside an upward channel, where it first fell below the 34100 support level, which coincided with the buyer zone to support line of the channel. Next, BTC rebounded from this line and made an impulse to the resistance line of the channel, breaking the 34100 level again. Then price made a movement down to the support line of the channel and later rebounded from it and made a strong upward impulse to the 36900 level, which coincided with the support area, exiting from the upward channel. After this price started to trades in a wedge, where firstly it reached the resistance line and then rebounded down to the support line, breaking the 36900 level again. Next, BTC bounced up from the support line and later it broke the 36900 level again, and then made a correction to the support area. Also recently, Bitcoin rebounded from this area, made impulse up to the resistance line of the wedge, and broke it, thereby exiting from the wedge. Possibly, Bitcoin can make a small movement up and then rebound down to support line of a wedge. Therefore I set my target, which coincided with this line - 37300. Please share this idea with your friends and click Boost 🚀
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.