BTCUSD Respecting Ascending Parallel Channel - Bullish

8 thg 2, 2020

BTCUSD seems to be respecting the ascending parallel channel and looks very bullish at the moment. The ideal and healthy move would be to pull back within the bottom of the channel and then keep pushing higher every time. A possible pullback at the current moment could be to the bottom of the channel area which is also the 50% fib level $9592 before continuation on to the important 61-65% fib pocket as indicated in the chart.

Already stopped out in profit and waiting for re-entry? Wait for the pullbacks near the bottom of the ascending parallel channel and stop loss can be placed in a good range below the bottom line of the ascending parallel channel. The lines across are fib levels and recent support areas created through recent price action and you can also rely on the moving average lines.

Just my thoughts. Good luck!