BTC: YET ANOTHER PARALLEL CHANNEL???
Welcome to this quick update on the BTC price in LTF.
BTC is forming yet another channel between $34500 to $38500. If you can recall your memories then BTC formed a parallel channel when the price was around 41k. Everyone thought that BTC would break out from that point but things went completely opposite. BTC tried to break out the resistance but failed miserably.
The current situation is almost similar to the previous one. If you have followed my daily timeframe chart then you can notice that BTC is rallying up and we have already longed for BTC when it was at $34500. Our initial target was 38k to 40k and we have already achieved it. Things look good in a higher timeframe but not for long.
Looking into a lower timeframe, we can clearly see the resistance level and the support level. Once BTC breaks the resistance $38500 then BTC can easily reach up to 43k. But let's not forget what happened in the past when BTC formed a similar channel (link in the bio).
According to our previous analysis, BTC reached $38900 which is in between our target range and I personally have booked a 50% profit so far. I hope you guys did too.
So, for now, let's keep an eye on the support and resistance and observe the market.
Let me know your opinion in the comments.
Trade safe.
BTC is forming yet another channel between $34500 to $38500. If you can recall your memories then BTC formed a parallel channel when the price was around 41k. Everyone thought that BTC would break out from that point but things went completely opposite. BTC tried to break out the resistance but failed miserably.
The current situation is almost similar to the previous one. If you have followed my daily timeframe chart then you can notice that BTC is rallying up and we have already longed for BTC when it was at $34500. Our initial target was 38k to 40k and we have already achieved it. Things look good in a higher timeframe but not for long.
Looking into a lower timeframe, we can clearly see the resistance level and the support level. Once BTC breaks the resistance $38500 then BTC can easily reach up to 43k. But let's not forget what happened in the past when BTC formed a similar channel (link in the bio).
According to our previous analysis, BTC reached $38900 which is in between our target range and I personally have booked a 50% profit so far. I hope you guys did too.
So, for now, let's keep an eye on the support and resistance and observe the market.
Let me know your opinion in the comments.
Trade safe.
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