BTC Parallel Fib Channel Support
I wanted to post a Long idea about BTC. It seems like the general sentiment is leaning towards a correction to the 42000 region as a result of the break of trend line.
I propose that BTC has respected this parallel channel that is respected all the way back to march 2020. The 46800 level first acted as resistence to the recent bullish price action and then was broken and now has been supported multiple times. The red daily candles have shown to respect these parallel trendlines as well.
I am long on Bitcoin here and will exit my current trade at the break of 45000. Otherwise I think we have good support to break 50k within 2 weeks.
I propose that BTC has respected this parallel channel that is respected all the way back to march 2020. The 46800 level first acted as resistence to the recent bullish price action and then was broken and now has been supported multiple times. The red daily candles have shown to respect these parallel trendlines as well.
I am long on Bitcoin here and will exit my current trade at the break of 45000. Otherwise I think we have good support to break 50k within 2 weeks.
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