This is the 1 hour chart and here a symmetrical triangle is in a formation.
First, bitcoin broke the bigger parralel channel and now it is moving in a smaller parallel channel which can be more or less called a bear flag.
Now, there are 2 scenarios...
1st one, BTC breaks the symmetrical triangle upwards and tests previous support as resistance. There is also huge resistance at $6650-$6800 levels.
2nd one, BTC breaks downward towards $6300 level (double bottom), if this support fails it will probably head down to $6100 or lower.
It is more likely that BTC breaks downwards.
Therefore, use tight stop losses and keep an eye out for a potential profit opportunity
Happy investing!
First, bitcoin broke the bigger parralel channel and now it is moving in a smaller parallel channel which can be more or less called a bear flag.
Now, there are 2 scenarios...
1st one, BTC breaks the symmetrical triangle upwards and tests previous support as resistance. There is also huge resistance at $6650-$6800 levels.
2nd one, BTC breaks downward towards $6300 level (double bottom), if this support fails it will probably head down to $6100 or lower.
It is more likely that BTC breaks downwards.
Therefore, use tight stop losses and keep an eye out for a potential profit opportunity
Happy investing!
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