Bitcoin: Trading In Local Channel - What happens when it breaks?

9 มิ.ย. 2023

Here we are looking at BTCUSD on the Daily TF…

As you can see, we are evaluating Bitcoins local structure, in hopes of figuring out what it may do next.

Let’s begin by looking at the top horizontal (yellow) line. This marks BTC’s MACRO resistance, which previously acted a macro support before it breakdown into the bear market. Currently, BTC is trading in a local broadening wedge, as show on the chart. If BTC breaks down from this zone, I expect a move down to the low $24,000 range. If it breaks to the upside of this wedge, I would expect a preliminary move back to macro resistance.

My bias is that it will break down from the broadening wedge, and move down to the $24,000 range. If this happens, we will assess what bitcoin will do next from that support!

Do you agree? Let me know in the comments!

Cheers!