BINANCE:BTCUSDT finds itself on the edge of a narrowing channel dating back to June 2019, and we say its almost time!
We say Accumulate, you may ask why?
- Going by the book, such patterns yield great returns. Looking at BTC's recent past, narrowing price action often leads to major upsides - Downside volume is at a minimal - Good sign - With a medium to long term view, $6300 - $6400 makes a great range, followed by $5800 - $5900. We recommend buying into the Market with a combined closing based stop-loss below $5600. Potential bounce can lead us towards $7800 and $8800 in a few days.
We'll be updating this idea frequently.
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So far, so good. We look forward to the price action around 100SMA.
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The narrowing channel is working wonders as seen in early Asian trading hours today.
If you missed out on the rally, target $7,640-$7,750 for entry, targetting $8,900 - $9,100 range, with a stop under $7,500
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Post breakout Price action and volume looks positive. We do expect some resistance around $9,400 - $9,500.