BTCUSD The underlying channel and its Buy Signal

7 mars 2019

Bitcoin currently gives the idea of a neutral price action. The reason for this sideways movement may be this bullish Channel. If the extreme events of the 3400 low (pushed for a 1W bottom test and failed) and the 4300 high (pushed for a 1W top test and failed) are isolated, we can see how this channel is remarkably steady on its Higher Highs and Higher Lows.

I am expecting a pull back to 3850 which I will buy (on a short term basis only, meaning no holding if the channel breaks) and will target 4100.

Note that BTCUS is also consolidating on the larger monthly time frame. Meaning that we will get many dip buying opportunities in the coming months. See evidence of trading near the bottom below: