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LegionQ8
Jun 8, 2023 9:00 AM

BTC break resistance line of bull flag and can continue to rise Long

Bitcoin / TetherUSBinance

Description

Hello traders, I want share with you my opinion about Bitcoin. When observing Bitcoin, we can see how the price formed a resistance area 28000-28200, from which it began to decline. After a small upward correction and a retest of the resistance area, Bitcoin continued a downward move and broke through level 27400. For a long time, the price traded below the current resistance level, then rose, retested it and continued to fall. Bitcoin dropped to the level 25400, tested it and rose. The price make a downward correction, retested the support level, bounced, and created an upward impulse. Having reached the resistance level, Bitcoin tested it and began to fall. The price make a deep correction and over time created a bullish flag. After re-testing the support line, the price began to rise and broke through the resistance line of flag. Currently, the price is trading above resistance line of bullish flag, and can continue to rise. I think Bitcoin can continue upward move and reach resistance level. In this case, I decided to set the targets at level 26800 and at level 27400. Please share this idea with your friends and click Boost 🚀
Comments
Gold-Tech
I think you got the key elements right. Great perspective on the market)
RLinda
Correctly stated arguments, I agree with you. The idea proved to be informative and useful for further trading. Thanks my friend!
Mihai_Iacob
BTC looks bullish, indeed.
Thanks for confirmation
vf_investment
Wow! Excellent analysis!
ProjectSyndicate
excellent trade setup
YourLazyTrader
Very informative analysis and chart work is great too :)
HAMED_AZ
thanks for sharing
linofx1
Great technical analysis
ArmanShabanTrading
Impressive chart!
InkyGrip
I'm waiting for the long entry on BTCUSDT
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