My last charts proved to be very useful for making quick profits off of Scalping within the drawn Parallel Channel. Short-term scalps at the Bottom and Mid-Line of that large active channel, should have paid off nicely. 👍
That being said, I personally would not risk shorting the at the Midline again this time, as Bitcoin's price again approaches it.
There's increased chance that could break above now, after having consolidated.
This doesn't mean that it "WILL Surely" break above, just that, it isn't the best probability outcome to bet against right now.
If I get time to view charts today, I'll observe for the reaction at midline. if there's a strong break above that isn't quickly rejected, then one could consider using that Mild-line as a support level, for potential buys.
I haven't been able to get on charts for the past 3 days, and note that this "Opinion" was created on very little analysis (just by quickly observing my already existing chart from days ago).
I'm taking a chance at catching some Buys here, as price retraces to and below the support line of my channel.
I didn't manage to catch the Drop from the Top (Middle of Channel), as I wasn't comfortable Shorting from there, given:
1) The prior consolidation before hitting the Top
2) That last up-move before the drop, started close to the channel top, and could have risked blasting above.
3) I don't like to place my orders AT the Support/Resistance line, I prefer to place it behind (at the risk of missing the trade), and attempt to catch the over-throw/spike, for a safer entry.
So, even if I did attempt to Short the Top, before yesterday's drop, I'd likely have not get filled, since my orders would have been behind the upper resistance.
That last move up barely touched resistance, before dropping.
