Bitcoin futures (BTC) are currently forming what's known as a "megaphone pattern" or "broadening formation," as observed clearly on the 1-hour chart. This intriguing chart pattern typically signals rising volatility and uncertainty, as price swings become progressively wider, creating higher highs and lower lows.
Right now, the price action for Bitcoin futures is approaching a critical green highlighted support zone, which professional traders, including our team at ForexLive.com (soon evolving into InvestingLive.com), are closely monitoring. This zone could potentially serve as strong support, sparking a reversal upwards, or conversely, break and signal more bearish price action.
At ForexLive.com (soon investingLive.com), while we acknowledge the visual significance of patterns like the megaphone, our methodology doesn’t stop there. If and when Bitcoin futures reach this anticipated support area, we'll be watching transactional and order flow data closely, employing proprietary analytical tools such as TradeCompass and OrderFlow Intel.
Current Outlook for Bitcoin
The green zone (possible support) to watch is at $106,250 - $106,750 on Bitcoin Futures.
Trade at your own risk. All investing carries risk, and past performance is no guarantee of future results.
This article was written by Itai Levitan at www.forexlive.com. Read More Details
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