After the massive sell-off earlier in the week, Bitcoin is presumably found a strong support around the 45k area. This area is also our entry point for this trade.
The idea behind the trade is that Bitcoin will revere after hitting said support and continue trading in the channel for a while. Since I'm still bullish for the mid-term, I expect Bitcoin to soon resume its path upward towards the 55k area at a later point in time.
Before entering this trade wait for the price touch the Entry line.
On the chart Iâve marked two potential areas of resistance, R1 and R2. These areas are based on recent swing highs/lows. Do your own due diligence.
Happy trading!
The idea behind the trade is that Bitcoin will revere after hitting said support and continue trading in the channel for a while. Since I'm still bullish for the mid-term, I expect Bitcoin to soon resume its path upward towards the 55k area at a later point in time.
Before entering this trade wait for the price touch the Entry line.
On the chart Iâve marked two potential areas of resistance, R1 and R2. These areas are based on recent swing highs/lows. Do your own due diligence.
Happy trading!
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