I want to do another quick update on the BTC chart.
I still see a lot traders are bearish on BTC and hoping for the 30% correction in the next few weeks, most of the traders think it will repeat what it was like during the last bull run.
But is that so?
Based on the current price action from the 1-day chart, we are in the bull broad channel, meaning the price will most of the time bounce off the lower boundary and go towards the upper boundary. So far we have touched the lower boundary twice, are we going to break below or bounce again? Time will tell, but the probability favors the bull.
Look at the 4H chart, we are at a trading range waiting for the breakout.
The best thing to do right now is to wait for the signal. break above the 2000 level or break below the channel, time will tell.
I still see a lot traders are bearish on BTC and hoping for the 30% correction in the next few weeks, most of the traders think it will repeat what it was like during the last bull run.
But is that so?
Based on the current price action from the 1-day chart, we are in the bull broad channel, meaning the price will most of the time bounce off the lower boundary and go towards the upper boundary. So far we have touched the lower boundary twice, are we going to break below or bounce again? Time will tell, but the probability favors the bull.
Look at the 4H chart, we are at a trading range waiting for the breakout.
The best thing to do right now is to wait for the signal. break above the 2000 level or break below the channel, time will tell.
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