Bitcoin : Intraday resistance, up trend channel and bear flag?
Cập nhật
Hello all, welcome back to the technical analysis of bitcoin. I'll cover the lower time frame which is the intraday level. Let's enjoy!
From the intraday perspective which is the lower degree for this technical analysis, I can conclude several things that may be right. The first thing is that the price is now moving inside the up trend channel that has formed since March 13th, 2020 . We can see that the price has gone back and forth between the upper line of the channel and the lower line of the channel, this channel can be the flag of the full bearish flag structure if we can see it from another perspective.
At current level, the price is still trending just slightly below the intraday level of resistance (green) around $6700 - $7000 region. We might anticipate the price to break out of this current resistance to test again the upper line of the channel which has alignment with the $8000 level. But, if there is a base case, there is also the worse case too. This time I will assume that the worse case is when the price breaks down of the support trend line which is the lower line of the channel. If we see any breaks down of it, I'll target lower low in the future to come.
For now, I'm still holding my long position with the stop loss has already in profit to eliminate all the risk of potential breaks down and riding the wave to the upside is expected.
From the intraday perspective which is the lower degree for this technical analysis, I can conclude several things that may be right. The first thing is that the price is now moving inside the up trend channel that has formed since March 13th, 2020 . We can see that the price has gone back and forth between the upper line of the channel and the lower line of the channel, this channel can be the flag of the full bearish flag structure if we can see it from another perspective.
At current level, the price is still trending just slightly below the intraday level of resistance (green) around $6700 - $7000 region. We might anticipate the price to break out of this current resistance to test again the upper line of the channel which has alignment with the $8000 level. But, if there is a base case, there is also the worse case too. This time I will assume that the worse case is when the price breaks down of the support trend line which is the lower line of the channel. If we see any breaks down of it, I'll target lower low in the future to come.
For now, I'm still holding my long position with the stop loss has already in profit to eliminate all the risk of potential breaks down and riding the wave to the upside is expected.
Bình luận
With the confirmation of breaking down of the lower line of this uptrend channel, we could see the 2nd scenario of lower pressure is playing out. With the breaking down of this up trend channel, it will automatically activate the bearish flag scenario and I'll give the target between $4400 - $4000 region to come true.
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