Gulfstream Notes

Big BTC looks suppressed within a wide range channel and seeks a shorting opportunity. As shown in the chart, over the past four hours BTC has moved into an upward wide range channel; around the top near 65,300 it tested the prior high resistance. The current price has now come to the top rail of the channel and has completed three pushes within the channel. In terms of price action, this kind of wide channel means shorting the top and going long the lows within the channel. At the same time, on a larger timeframe, breaking out of a wide channel is not so easy. If it gets pressured and pulls back, watch for support near the channel’s breakout start point around 64,800 (note: if the price falls below the channel midline, watch to see whether a rebound occurs). Then switch to the daily timeframe: the bottom range has been validated by two points already; currently it is only testing the previous high. If the price next week shows no breakout intention, this is a short opportunity at the top of the range. $BTC ‌