BTC/USD Price Zones for Consideration

18 ene 2022

We are looking at the Bitcoin/USD chart on the daily timeframe. BTC USD has been following a long term ascending channel. Currently price action is following a bearish channel and trading below the daily 300 EMA. This has been an important zone to hold in previous bull/bear markets. Bulls would want to hold this macro support level to paint a higher low. Waiting for confirmation of break to the upside or downside of the channel. Wait for break out of channel with volume and re-test for long. Wait for break of below parallel structure and re-test of bottom of channel for short positions. $37,000ish fib confluence zone as the first line of defense if 40K range breaks down. Last line of defense look like 30k as a strong support level. Double top structure will be confirmed below the last low at around $29,000.00. Upside and downside targets would be the width of existing channel. This is not financial advice. Happy Trading....