FX.co ★ #Bitcoin chart analysis

BITCOINGood day everyone! The slope of the linear regression channel is downward, indicating seller strength that is trying to move down to the 80546.27 level. At the target level the movement will decelerate. Due to weakening, because of the chosen volatility, you will need to reposition due to a probable pullback. At the lower part of the channel shorts should not be considered, you need to wait for a correction to 81795.16. From there you can consider the short option. If price consolidates above 81795.16 a bullish mood will appear that can push the market up. Therefore you'll have to wait with shorts. The channel's angle shows how much the bear wants to move strongly downward; the bigger the angle, the more active the seller. Usually a channel with a large angle is a sign of market news action.

The main one is the linear regression channel located on the hourly chart, I use it to determine movements. The М15 channel is auxiliary, and it currently complements the bearish picture. Since the channels move in the same direction you can characterize the bearish sentiment by this instrument. If the signal on the lower timeframe breaks, you should expect a rise to 84184.14. From there you can again consider selling from it to 80450.98. At the lower part of the channel I'm on the fence regarding shorts, and also regarding buys, which for me are currently like catching a falling knife. My trading principle is to trade in the direction of the Н1 channel, because it is my primary one. On the lower channel it's good to refine entries and trade during strong movement when the correction is minimal.