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Bitcoin (BTC / USD) Up or Down? - The price choose Descending Channel?

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CriptoAr
@criptoar
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3 min read

The price today breaks down we will see what it implies

Let's see

Yesterday we analyzed the 2 possibilities of the price of Bitcoin through 2 channels, one ascending and the other descending.

Today we see that the price breaks the ascending channel, choosing the descending channel

Down channel

And this channel that is being formed 3 weeks ago since the price does not exceed the previous highs.

We have 2 touches of the price at the bottom and another 2 at the top, which will minimally validate this channel.

If we analyze Bitcoin's past, we can see a descending channel that was formed in 2019, where the price has moved for 195 days.

Analysis

Bearish

  • If the price breaks, the descending channel could validate the descending channel and the price could reach $ 6500 in weeks.

Key Data

  • In its retracement it breaks again the average of 21 and 50 periods daily chart.

  • Most markets are red

We have a bullish hope, see today's closing candle, if it manages to close above $ 9,400 we could consider it as a fakeout

What you think?

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The alcoins market is very dependent on the price of Bitcoin, when Bitcoins goes up the alcoins go up more, but also in the other sense, so I suggest that you periodically review a Bitcoin and use stop loss and move it when they are already in profit. Do not let a profit become a loss.

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READ DISCLAIMER: this publication / analysis is only for general information purposes. I am not a professional trader and I will never be a financial advisor. The material in this publication does not constitute any trading advice of any kind. This is the way I see the paintings and what my ideas are. Perform your own analysis before making an investment decision. Use money that you are willing to lose if you make an investment. If you make exchanges or investments after reading this publication, it is entirely at your own risk. I am not responsible for any of your gains or losses. By reading this publication, you acknowledge and agree that you will never hold me liable for any of your profits or losses.

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