BTC: There’s Definitely Something to Keep an Eye On. Important Update!
https://www.tradingview.com/chart/XBTUSD/GJOWoLW0-BTC-There-s-Definitely-Something-to-Keep-an-Eye-On/
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BTC: There’s Definitely Something to Keep an Eye On
The price has been moving in an upward channel since the beginning of 2020. Look at how the mid line of this upward channel has been rejecting the price. This is the main resistance as of right now. Until we break it, I could easily see us visiting the bottom of the channel (at least), which is in line with EMA50. Meanwhile BitMEX Funding rate stays at dangerously high levels. Not favoring the bulls.
BTC Weekly chart
The week is coming to an end and if this weekly candle closes like this, it will be SIGNIFICANT. Why? Because we’ll confirm a higher high and break above the 0.382 Fib & Major Horizontal S/R level (~9.6k).
The problem is that BTC has gone this high too fast. It feels like we are in a need of a pullback, but
-> Whatever resistance or a bearish chart pattern you’ve been drawing for a couple of weeks, they were broken to the upside and invalidated. This type of action is pretty reminiscent of what
ߋ cryptobullet
https://www.tradingview.com/chart/XBTUSD/GJOWoLW0-BTC-There-s-Definitely-Something-to-Keep-an-Eye-On/
️Guys, please, click the LIKE button. We would appreciate it.
BTC: There’s Definitely Something to Keep an Eye On
The price has been moving in an upward channel since the beginning of 2020. Look at how the mid line of this upward channel has been rejecting the price. This is the main resistance as of right now. Until we break it, I could easily see us visiting the bottom of the channel (at least), which is in line with EMA50. Meanwhile BitMEX Funding rate stays at dangerously high levels. Not favoring the bulls.
BTC Weekly chart
The week is coming to an end and if this weekly candle closes like this, it will be SIGNIFICANT. Why? Because we’ll confirm a higher high and break above the 0.382 Fib & Major Horizontal S/R level (~9.6k).
The problem is that BTC has gone this high too fast. It feels like we are in a need of a pullback, but
-> Whatever resistance or a bearish chart pattern you’ve been drawing for a couple of weeks, they were broken to the upside and invalidated. This type of action is pretty reminiscent of what
ߋ cryptobullet