These channels are usually continuation patterns, and they continue the trend in how they initially started. We started this going down, however, BTC has pulled a full reversal and instead of our expectation to go down even more, it actually went up and cleared the channel.
This may indicate it's trying to reach that crucial 35-38k support zone.
However, this could still be in a bull trap, and we can see it go down. If it goes down, I've highlighted the green zone it should now hold as support. This used to be the previous resistance zone, and if we can hold it as support, then this main idea still stays true.
Good day!
This may indicate it's trying to reach that crucial 35-38k support zone.
However, this could still be in a bull trap, and we can see it go down. If it goes down, I've highlighted the green zone it should now hold as support. This used to be the previous resistance zone, and if we can hold it as support, then this main idea still stays true.
Good day!
Catatan
First candle testing support. Looking good! Head and shoulders formed for a nasty bearish trend. Let's hope it doesn't last long.
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