Bitcoin: Price Channel and How to Trade
The triangle chart pattern did not work as it should work. The trading idea based on the triangle isn't workable anymore, and we have to search for a new one. Let's use a horizontal price channel, which also can support the current market conditions in the 1H timeframe. The market is consolidating between 9755USD and 9545USD levels. They formed the borders of the price channel, and a breakout signal can be used for trading.
If the price breaks the support line, it will be a bearish signal. The target for sellers will be at 9300USD and 9000USD levels. I don't open short trades in the crypto markets, but the downside movement with further reversal signals from support levels will be good for buying.
If the price breaks the resistance level, it will be a bullish signal and a new buying opportunity. Stop orders can be placed below the local swing low. Profit targets should be placed at 10000USD and 10400USD.
P.S. as I don't use like-bots and other solutions that show great "interest" to my posts, I will be grateful if you support my work by your LIKEs and comment. Of course, if you can do it. The feedback from REAL people is priceless!
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
If the price breaks the support line, it will be a bearish signal. The target for sellers will be at 9300USD and 9000USD levels. I don't open short trades in the crypto markets, but the downside movement with further reversal signals from support levels will be good for buying.
If the price breaks the resistance level, it will be a bullish signal and a new buying opportunity. Stop orders can be placed below the local swing low. Profit targets should be placed at 10000USD and 10400USD.
P.S. as I don't use like-bots and other solutions that show great "interest" to my posts, I will be grateful if you support my work by your LIKEs and comment. Of course, if you can do it. The feedback from REAL people is priceless!
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
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