Bitcoin is forming an uptrend Pitchfork channel
The Weekly Bitcoin chart shows that the instrument is forming a new Andrew’s Pitchfork uptrend channel and is in the process of the bounce from channel support 31000. This bounce could lead to an extension higher within the channel to 45000 and above. A confirmed break above 35840 is required for the upside continuation to indicated levels within the channel.
On a Daily chart, we can see a downtrend Pitchfork channel formed and we can see that the instrument price action is breaking above the upper channel resistance 32500 which is opening the door for the upside continuation within an uptrend channel in long-term. A break below the 31000 is now required to invalidate the upside. Look for the buying trade entries upon a break above the 35840 to target 45000.
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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