BTC/USDT - 12.08.22 Update
Hello Traders!
The price of BTC continues to move within the ascending channel. After a minor correction, the movement continued, and liquidity to buy was removed by updating the maximum of the previous month at $24676.
Based on the daily timeframe structure, the formation of a resistance zone in the $24200-26500 is noticeable. Also, the liquidity for sale is formed, which with significant probability will be removed. We may consider opening a long position after the withdrawal of trend liquidity and a test of the support level of $19,000.
In that case, we can open a trade with good profit potential and with a reasoned stop loss:
Buy: in the range of $18600-$19100.
Stop-loss : $17600
Take profit: $22800 and $24200
Good luck, and watch out for the market
P.S. This is an educational analysis that shall not be considered financial advice
The price of BTC continues to move within the ascending channel. After a minor correction, the movement continued, and liquidity to buy was removed by updating the maximum of the previous month at $24676.
Based on the daily timeframe structure, the formation of a resistance zone in the $24200-26500 is noticeable. Also, the liquidity for sale is formed, which with significant probability will be removed. We may consider opening a long position after the withdrawal of trend liquidity and a test of the support level of $19,000.
In that case, we can open a trade with good profit potential and with a reasoned stop loss:
Buy: in the range of $18600-$19100.
Stop-loss : $17600
Take profit: $22800 and $24200
Good luck, and watch out for the market
P.S. This is an educational analysis that shall not be considered financial advice
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