Welcome to this quick Sunday update, everyone. Only 4 hours 40 mins left for the weekly closes. Let's look at the upcoming possible move for BTC.
Bitcoin has been trading inside this channel. The reason I think this channel is valid is the black boxes. You can see how those boxes work as support zones above the support trendline showing signs of sideways accumulation.
This chart will be wrong on a daily close below 46.5k level. It's highly likely we will see a rally towards the 48.8k level here to test the 49.3k resistance. Break below this channel would be disastrous.
I am holding positions with tight stop losses. Since you don't trade in a sideways market. You wait either for a breakout or a breakdown!
Important Note:- If a candle closes below this channel or 46.7k, that would invalidate this analysis.
Let's see how the weekly closes.
This is not financial advice, DYOR before taking any trading action.
What do you think about this chart? Do you think BTC will start a positive rally from here? Do share your views and hit that like button real hard! So that I don't stop posting these important updates free for you all!!