Bitcoin – Daily chart prints a bottom!
Hello everyone,
Today, Bitcoin has been retesting its ascending channel's support and bears' liquidations made the price push up to 41k in just a few hours.
The risk reward ratio for long is very good right now. The condition is that we remain in this channel which is in an uptrend by making higher highs and higher lows.
The first target is the channel mid range.
Bear's scenario is a breakout through the bottom of the channel which would change the trend to lower lows, which is less likely IMO.
Stochastic is in a buy zone, I used it over RSI because it performs better when in a channel.
Good luck!
Today, Bitcoin has been retesting its ascending channel's support and bears' liquidations made the price push up to 41k in just a few hours.
The risk reward ratio for long is very good right now. The condition is that we remain in this channel which is in an uptrend by making higher highs and higher lows.
The first target is the channel mid range.
Bear's scenario is a breakout through the bottom of the channel which would change the trend to lower lows, which is less likely IMO.
Stochastic is in a buy zone, I used it over RSI because it performs better when in a channel.
Good luck!
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