BTCUSD is making a break above the median line of the long-term Pitchfork channel
On the Weekly BTCUSD chart, we can see that the pair is breaking above the long-term uptrend Andrew’s Pitchfork channel median line resistance 16800 and is testing the rectangle resistance 20000 for an extension higher to 23800. A break above this level is important for the extension higher.
On a Daily chart, we can see that the BTCUSD price action is testing the 50% of the second part of Pitchfork channel 19800. A break above 19800 will be perfect for the LONG trade entries. You could open a good RR long trade entry with the stop loss just below 19500 if the pair confirm a breakout above 19800 to extend to 24300. If we will have a rejection from this area the support is coming at 18000-18500 zone.
We have used the combination of the top-down trading analysis to get these key levels explained in the charts. To learn more about Andrews’s Pitchfork tool trading strategy register for education.
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