BTC has another potential false breakout
Hi everyone, here is my TA on BTC/USDT on a 1h TF
- BTC Price broke above the trend line on a symmetrical triangle but it is not sustainable leading to a potential fake out or false breakout
- Parallel Channel has formed but can also treat as a rising wedge pattern
- Broke below the trend line of a parallel Channel and the price of BTC is currently testing the lower trend line as well as the resistance
- Inside the Parallel Channel, double top has been formed indicating a bearish movement
- Personally, If btc price got a rejection on these trend lines and resistance level, I'm bearish on BTC for now
That's it guys! Take care! NFA, DYOR & TAYOR
- BTC Price broke above the trend line on a symmetrical triangle but it is not sustainable leading to a potential fake out or false breakout
- Parallel Channel has formed but can also treat as a rising wedge pattern
- Broke below the trend line of a parallel Channel and the price of BTC is currently testing the lower trend line as well as the resistance
- Inside the Parallel Channel, double top has been formed indicating a bearish movement
- Personally, If btc price got a rejection on these trend lines and resistance level, I'm bearish on BTC for now
That's it guys! Take care! NFA, DYOR & TAYOR
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