BITCOIN: Channeling the path
As expected by the majority, SEC has denied two more bitcoin ETF applications, so, unfortunately for all of us, seems that this "boring" market is going to stay as so for a longer period of time.
While waiting for a sustained movement at the BTC/USD Chart, either up or downwards, I think it is interesting to identify that the fight between buyers and sellers, which is currently almost "in equilibrium", has drafted a nice "almost-Ascending Channel" trough which still we can "play":
During an ascending channel, the aim is to buy near the lower line and sell near the upper line.
Worth to say that still exist the risk that if BTC breaks the Lower line another bearish pattern may be formed, a Head and Shoulders which may indicate a much lower drop...
Nonetheless, I don think it will be "triggered" since this Pattern used to indicate a reversal movement, so, from bullish market to bearish which I don't think it is the case now thought...we are already on a bear market with a sideways movement...
Enjoy cryptoland!
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by toofasteddie
I think it will rejected by the resistance line u drawed in your chart before reaching upper channel line and go down and down and down
voted
3 times down then! If it's so clear then sell for shorts ;-)
yeah followed