Bitcoin outlook: Reference 1H
During this period, the overall market has been somewhat dull, basically oscillating around 90,000-920, undergoing consolidation. Here's a short-term trading idea:
Bitcoin's one-hour chart is forming an ascending channel pattern. For short-selling, you can watch the upper edge resistance of the channel, which also happens to be the 0.618 resistance level of this recent rally, with a target at the lower edge of the channel at 904 support. If broken, you can continue holding.
For long positions: The 904 support at the lower edge of the channel is no longer recommended for left-side entries. Instead, consider right-side signals. If you prefer placing limit orders, you may refer to the 888-882 range, which is the CME gap area and also a major support level. $BTC
