BITCOIN broke the red channel and traded higher! Now What?
Scenario 1: Short-Term Reversal
BTC rejects the 50k resistance.
In this case, we will be looking for buy setups as it approaches the 40k support.
Scenario 2: Bullish Continuation - Breakout
BTC breaks above the 50k resistance.
In this case, the 50k resistance would become support, and we will be looking for buy setups on its retest.
Which Scenario do you think is more likely to happen? and Why?
Good luck!
All Strategies Are Good; If Managed Properly!
~Rich
Scenario 1: Short-Term Reversal
BTC rejects the 50k resistance.
In this case, we will be looking for buy setups as it approaches the 40k support.
Scenario 2: Bullish Continuation - Breakout
BTC breaks above the 50k resistance.
In this case, the 50k resistance would become support, and we will be looking for buy setups on its retest.
Which Scenario do you think is more likely to happen? and Why?
Good luck!
All Strategies Are Good; If Managed Properly!
~Rich
This analysis is done using RichTL
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www.RichTL.com
My Telegram Channel
www.t.me/thesignalyst
Best CFD broker
cutt.ly/TickmillReal