BTCUSD DROPPED BELOW LOCAL SUPPORT📉
Today bitcoin dropped below the level of 116,000.00 on high volume. However, the price didn't go somewhere far downwards and consolidates slightly below this level. Presumably, descending channel may be formed.
What is a descending channel?
A descending channel is a bearish chart pattern formed by two downward-sloping parallel trendlines connecting lower highs and lower lows in a pair’s price, indicating a consistent downtrend. It shows sellers are in control, with prices declining within a defined range.
Here I presume the price to rebound from lower border of the descending channel with possible movement towards upper border slightly below the 120,000.00 level.
Today bitcoin dropped below the level of 116,000.00 on high volume. However, the price didn't go somewhere far downwards and consolidates slightly below this level. Presumably, descending channel may be formed.
What is a descending channel?
A descending channel is a bearish chart pattern formed by two downward-sloping parallel trendlines connecting lower highs and lower lows in a pair’s price, indicating a consistent downtrend. It shows sellers are in control, with prices declining within a defined range.
Here I presume the price to rebound from lower border of the descending channel with possible movement towards upper border slightly below the 120,000.00 level.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Join me, I'll guide you to PROFITABLE TRADING💵!
Telegram Channel: t.me/forextradersliveofficial
Telegram Channel: t.me/forextradersliveofficial
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.