Bitcoin long-term uptrend channel continuation
On the Monthly Bitcoin chart, we can see that the instrument is breaking above the upper Andrew’s Pitchfork channel resistance line 39200. A break above this resistance means upside channel continuation. It will certainly lead to a test of the Channel 150 percent extension .
On a 3 Day’s chart, we can see a support for the uptrend Pitchfork channel continuation. This break is perfect for the long trade entries. You could open a good RR long trade entry with the stop loss just below 36000 to target higher on this continuation to 50000. Only a sustained break below 36000 will lead to a bigger pullback 31000.
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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