This time the automatically drawn chart shows an upward channel—both lines are trending upward. The current price is 79048, and it bounced back two points in one day.
After the big coin surged to 8.12w, it pulled back and is now at 7.9w.
Look at the chart. The two red peaks are 7.88w to 8.12w, and each one is higher than the last. The two green troughs are 7.58w to 7.67w, and each one is also higher than the last. Both the highs and the lows are rising—this is an upward channel. It’s the exact opposite of the downward channel from the past few days.
Earlier I said to wait for the direction, and that’s how the direction is formed.
Yesterday it surged to 8.12w, which was the highest point of this move. Today it dropped back to 7.9w—down two points in a day. But over seven days it’s still up 22%; this kind of pullback isn’t a big deal.
Right now the price is sitting near the green line, meaning the lower edge of the channel. This is the most comfortable entry spot: enter as you step onto support, and set your stop-loss below the line so you lose less.
As long as the pullback doesn’t break the green line, keep watching for that previous high at 8.12w above. If it breaks through and pierces it, then it’s 8.5w.
If it truly breaks below the green line and can’t come back for a few days, then the upward channel is considered invalid—at that point, you switch your strategy and direction.
I’m still leaning bullish; the bigger trend hasn’t changed. For those who were waiting in cash earlier: compared to chasing at 8.1w yesterday, this position is much better. #BTC $BTC
After the big coin surged to 8.12w, it pulled back and is now at 7.9w.
Look at the chart. The two red peaks are 7.88w to 8.12w, and each one is higher than the last. The two green troughs are 7.58w to 7.67w, and each one is also higher than the last. Both the highs and the lows are rising—this is an upward channel. It’s the exact opposite of the downward channel from the past few days.
Earlier I said to wait for the direction, and that’s how the direction is formed.
Yesterday it surged to 8.12w, which was the highest point of this move. Today it dropped back to 7.9w—down two points in a day. But over seven days it’s still up 22%; this kind of pullback isn’t a big deal.
Right now the price is sitting near the green line, meaning the lower edge of the channel. This is the most comfortable entry spot: enter as you step onto support, and set your stop-loss below the line so you lose less.
As long as the pullback doesn’t break the green line, keep watching for that previous high at 8.12w above. If it breaks through and pierces it, then it’s 8.5w.
If it truly breaks below the green line and can’t come back for a few days, then the upward channel is considered invalid—at that point, you switch your strategy and direction.
I’m still leaning bullish; the bigger trend hasn’t changed. For those who were waiting in cash earlier: compared to chasing at 8.1w yesterday, this position is much better. #BTC $BTC
