As I posted before the chart which is showing the importance of the 140 Simple Moving Average on the Daily TF you can see two more bullish points here being the falling channel we're in for the last 3 weeks as well as the trendline which is being respected ever since the corona dump.
I must say that bitcoin is on a weekly downtrend and this usually leads to some long term bear market, but the setup is there.
We are really close to the invalidation point (stop loss) and its a rather low risk trade with pretty good potential reward.
As you can see there aren't many bear/bull traps when you look at the things I've drawn on that chart.
If you see BTC trade above $45k it would be a very very good sign for continuation to the upside, if you see it fall below $40.500 and open/close even on a 4hr TF I'd be looking at much lower targets.
If you've liked the TA, please give me a like :)
I must say that bitcoin is on a weekly downtrend and this usually leads to some long term bear market, but the setup is there.
We are really close to the invalidation point (stop loss) and its a rather low risk trade with pretty good potential reward.
As you can see there aren't many bear/bull traps when you look at the things I've drawn on that chart.
If you see BTC trade above $45k it would be a very very good sign for continuation to the upside, if you see it fall below $40.500 and open/close even on a 4hr TF I'd be looking at much lower targets.
If you've liked the TA, please give me a like :)
