FX.co ★ #Bitcoin chart analysis

BITCOINHello traders! The slope of the linear regression channel indicates an upward trend on the M15 chart. This suggests the strength of buyers trying to push the price up to the level of 75864.13. Once this target is reached, there will be a slowdown in movement due to weakening, and volatility will decrease, causing the market to calm down, requiring a recharge through a correction. It is not advisable to consider buying at the upper part of the channel; it is better to wait for a correction to 74189.82, where potential buying opportunities may arise. If the price consolidates below 74189.82, bears may take control and push the market down, making buying less attractive. The angle of the channel slope indicates the bullish activity, with a steeper angle reflecting stronger buying pressure. A strong slope angle typically signifies market news driving good price movements.

The main linear regression channel on the H1 chart is used to determine overall trends. The M15 channel, as a supplementary tool, currently complements the bullish picture, highlighting the upward trend. Since both channels are moving in the same direction, the bullish sentiment can be characterized for this instrument. In case of a breakdown of the signal on the lower timeframe, one should expect a decline to the level of 70237.55, from where new buying opportunities can be considered up to 74443.42. When bulls are at the upper channel boundary, I am cautious with both buying and selling, which I currently see as risky. My trading principle is to trade in the direction of the H1 channel movement, as it is my primary reference. It is beneficial to refine entries on the lower timeframe and operate during strong movements when corrections are minimal.