https://www.tradingview.com/chart/jrtySjTG/
This is a critical moment for bitcoin. Will the bull chanel hold?
Here are a few possible outcomes of this situation:
1 - Most bullish. The chanel holds, we get to the top of it and break it. A huge buy volume is needed for it to happen. Target - EUR9200.
2 - Bullish. Chanel holds, we get to the top of it just to drop to the bottom once again. Although it looks like bullish, price will try even harder to break the chanel either way. Short term target - EUR7600.
3 - Bearish. We break the chanel donwards. Across the cloud we are likely to find a support at EUR6000. If support holds, we are likely to bounce back up towards the chanel, probably towards 2/1 Grann fan line or Eur7600 resistance.
4 - Most bearish. EUR6000 support won't hold. We go straight to Grann fan 8/1 line or even to our recent low at EUR4800.
In my opinion, the most likely scenarios are 2 and 3. Too much volu,e is needed for 1st too play out and there are not su much selling power left on a daily RSI to support 4th scenario. I will keep an eye on 6800-6600 level as well as 6000 support level for a long entry position.
This is a critical moment for bitcoin. Will the bull chanel hold?
Here are a few possible outcomes of this situation:
1 - Most bullish. The chanel holds, we get to the top of it and break it. A huge buy volume is needed for it to happen. Target - EUR9200.
2 - Bullish. Chanel holds, we get to the top of it just to drop to the bottom once again. Although it looks like bullish, price will try even harder to break the chanel either way. Short term target - EUR7600.
3 - Bearish. We break the chanel donwards. Across the cloud we are likely to find a support at EUR6000. If support holds, we are likely to bounce back up towards the chanel, probably towards 2/1 Grann fan line or Eur7600 resistance.
4 - Most bearish. EUR6000 support won't hold. We go straight to Grann fan 8/1 line or even to our recent low at EUR4800.
In my opinion, the most likely scenarios are 2 and 3. Too much volu,e is needed for 1st too play out and there are not su much selling power left on a daily RSI to support 4th scenario. I will keep an eye on 6800-6600 level as well as 6000 support level for a long entry position.