Bitcoin (BTC / USD) Up or Down? - Descending or Ascending Channel?
Today I bring you this analysis we are seeing a definition between 2 channels, one ascending and another descending and the price of Bitcoin is about to make a decision.
Let's see
Ascending Channel
We have the Ascending Channel that the price we have already analyzed and followed several months ago (see previous post)
Descending Channel
And this channel that is being formed 3 weeks ago since the price fails to exceed previous maximums.
We have 2 touches of the price at the bottom and another 2 at the top, which will minimally validate this channel.
If we analyze Bitcoin's past, we can see a descending channel that had formed in 2019, where the price has moved for 195 days.
Analysis
Bearish- If the price breaks, the downward channel could validate the downward channel and the price could reach $ 6500 in weeks.
Bullish
- If the price breaks the upward channel will continue to validate the bullish channel and the price could initially reach $ 11500 dollars
What you think?
What channel does the price take?
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The alcoins market is very dependent on the price of Bitcoin, when Bitcoins goes up the alcoins go up more, but also in the other sense, so I suggest that you periodically review a Bitcoin and use stop loss and move it when they are already in profit. Do not let a profit become a loss.
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READ DISCLAIMER: this publication / analysis is only for general information purposes. I am not a professional trader and I will never be a financial advisor. The material in this publication does not constitute any trading advice of any kind. This is the way I see the paintings and what my ideas are.
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