BTCUSD Rising Channel| Local S/R| Trend| Price Action

2021年7月12日Evening Traders,

Today’s analysis – BTCUSD – trading above its Local S/R where holding true will increase the probability of testing upside resistance,

Points to consider,
- Price Action Impulsive
- Local S/R Support
- Range High Resistance
- Low Volume

BTCUSD’s immediate price action is trading above a key support allowing for a short term bullish bias.

The Range High is the current resistance, testing this level is likely to lead to an rejection on the first attempt.

The current volume profile is on a decline, an influx is imminent when testing a key trade location such as range high.

Overall, in my opinion, BTCUSD is a valid long with defined risk, price action is to be used upon discretion/ management.

Hope this analysis helps

Thank you for following my work

And remember,

“The market can stay irrational longer than you can stay solvent.” – John Maynard Keynes