Bitcoin Approaching Key Levels in a Rising Channel!
Bitcoin made another rally upwards from the bottom of a wedge that just invalidated the claims of ascending channel and confirmed that the price is moving inside a rising channel.
This channel is good as long as broken and the support area of this channel has been tested a couple of times.
One easy way to trade this channel is to open a short when the price reaches the top of the channel and open a long when the price touches the bottom of the channel.
On the other hand, Bitcoin is approaching a strong Resistance Zone of $57k which is also a 0.786 fib level from the April's high. It is strongly suggested to be very cautious at these levels because we are in a rising channel plus approaching a strong resistance zone, failing to hold will take us to the area marked as strong support zone and maybe below.
Also, Bitcoin has been bullish for so long and we've been moving without testing the supports, so it is okay to be prepared for one.
Good Read on Rising Channel:
patternswizard.com/channel-pattern/
Bitcoin Price: $56,700
Thank You & Good Luck.
Give a like and follow :-)
This channel is good as long as broken and the support area of this channel has been tested a couple of times.
One easy way to trade this channel is to open a short when the price reaches the top of the channel and open a long when the price touches the bottom of the channel.
On the other hand, Bitcoin is approaching a strong Resistance Zone of $57k which is also a 0.786 fib level from the April's high. It is strongly suggested to be very cautious at these levels because we are in a rising channel plus approaching a strong resistance zone, failing to hold will take us to the area marked as strong support zone and maybe below.
Also, Bitcoin has been bullish for so long and we've been moving without testing the supports, so it is okay to be prepared for one.
Good Read on Rising Channel:
patternswizard.com/channel-pattern/
Bitcoin Price: $56,700
Thank You & Good Luck.
Give a like and follow :-)