Bitcoin Trend Explained | Why $6200 is the Bottom before Halving
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Bitcoin Update
Important Trend Lines
Bearish Trendline (Red)
Long term Resistance is being respected by Price Action. Price was not able to test it even. Breaking this Trendline will trigger $8000.
Local Trendline (Blue)
It was the Local Diagonal Support since the dump. Unfortunately, Closing Below $6900 on Daily will confirm a Breakout and Targets can be around $5500.
Bullish Channel (Yellow)
Closely, PA is making a Bullish Channel and which is considerable fitting in the Bearish Set-up.
I was thinking to short but one of the Bullish Signs made me not to trade it. as $7300 was like a strong support.
I think low will be $6200 not $5500.
How To Trade
Wait for Breakout and Ride the Pullback.
Breakout is almost done and We waiting for riding the Pullback.
I would like to Load my Shorts in Staggered Entries ($7150-$6975)
Stop Should be at $7350
Summary
Trend is Bearish for me (If We close below $6900 on Daily)
and Bearish Targets $6200.
Bull Flag (Hope for $8000)
Important Trend Lines
Bearish Trendline (Red)
Long term Resistance is being respected by Price Action. Price was not able to test it even. Breaking this Trendline will trigger $8000.
Local Trendline (Blue)
It was the Local Diagonal Support since the dump. Unfortunately, Closing Below $6900 on Daily will confirm a Breakout and Targets can be around $5500.
Bullish Channel (Yellow)
Closely, PA is making a Bullish Channel and which is considerable fitting in the Bearish Set-up.
I was thinking to short but one of the Bullish Signs made me not to trade it. as $7300 was like a strong support.
I think low will be $6200 not $5500.
How To Trade
Wait for Breakout and Ride the Pullback.
Breakout is almost done and We waiting for riding the Pullback.
I would like to Load my Shorts in Staggered Entries ($7150-$6975)
Stop Should be at $7350
Summary
Trend is Bearish for me (If We close below $6900 on Daily)
and Bearish Targets $6200.
Bull Flag (Hope for $8000)
Trade chiuso: obiettivo raggiunto
Short Targets were hit Down. With Last TP at 6520.
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