What A Fearless Buying | Bitcoin (BTC) Is Breaking Out Long Term Channel Right Now

 

Hey friends, hope you are well and welcome to the new update on Bitcoin.

Previously we have seen that the priceline of Bitcon formed a very big Gartley and previous month’s candle stick was closed above the $12K that is also the 0.786 Fibonacci projection level of this Gartley. Therefore we were expecting that the priceline now may retest the 0.786 Fib projection level that was previously working as resistance and now will work as support.

 

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In the meanwhile the priceline of the leading cryptocurrency is also moving within an up channel. Previously we have see that the price action was at the resistance of this channel that was at $14K. The previous candlestick has been closed above this level. Therefore now there are less chances that the price action will retest the support of this channel that is at $12K and also the support of Fibonacci projection as we have discussed above. Now if the correction starts then we may see the priceline to retest the resistance of the channel as support. But incase the retest of resistance as support will be failed then price action may retest the channel’s support at $12K.

 

Previously I mentioned that if the price action will be at resistance and the MACD, RSI and Stochastic will be turned bearish then a move to the downside up to the support of channel will be confirmed. But we can observe that all these indicators are still bullish even after visiting the overbought zones.

 

Now if we take a look at the fear & greed indicator then 1st warning sign has appeared. But we need to take care of this indicator with the combination of Stochastic, MACD, and RSI if these indicators will also turn bearish then a big correction can be expected.

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Conclusion:

The priceline of BTC is still strong bullish and bulls are showing fearless buying and broke out the channel. However, now we should set the 1st stop-loss point at the resistance of the channel that is now working as support and 2nd at the support of the channel.

 

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