Hello friends, I'm just getting back to the charts after an unexpected break. Let's dive into BTC. We appear to be in a macro Rising Channel going back about a year. If we manage to get a strong bounce off the Channel Support, a return to the top of the Channel would become more and more likely. However, that's a strong "IF" and I'm not convinced that the Channel Support will hold. If that support breaks, then I believe we'll see a capitulation move that could take us down potentially another 30% until we find strong support at the Weekly 200 EMA.
For my own trading, I'm waiting for an obvious buy zone (lowest indicator), and bullish divergence on the Daily and 4-hour charts before I'm ready to go long with conviction.
Good luck!
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These are my personal views and not financial advice. Please do your own research before investing.
I'd love to hear your thoughts, ideas and feedback. Feel free to Comment and I'll try and get back to you quickly.
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For my own trading, I'm waiting for an obvious buy zone (lowest indicator), and bullish divergence on the Daily and 4-hour charts before I'm ready to go long with conviction.
Good luck!
----------------------------------------------------------------
These are my personal views and not financial advice. Please do your own research before investing.
I'd love to hear your thoughts, ideas and feedback. Feel free to Comment and I'll try and get back to you quickly.
If you appreciated this analysis, consider Liking or Following. Thanks!