Bitcoin range trading after break of downtrend (HowTo)
After the break of the big multi day downward channel, Bitcoin has established a range, or rather a broader upward tilted channel.
This sideways movement can be expected after a strong downtrend. In the chart I explain how to trade this range.
Right now the strong correction to the upside has nearly completed its second leg up and is making a new high. When prices reach 13.200 it will be interesting to see what happens:
Bitcoin could continue in the range like sideways channel, with a possible downmove to 12.000. Or it could establish a stronger uptrend and squeeze more bears. Right now I don't see a good entry.
This sideways movement can be expected after a strong downtrend. In the chart I explain how to trade this range.
Right now the strong correction to the upside has nearly completed its second leg up and is making a new high. When prices reach 13.200 it will be interesting to see what happens:
Bitcoin could continue in the range like sideways channel, with a possible downmove to 12.000. Or it could establish a stronger uptrend and squeeze more bears. Right now I don't see a good entry.
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