Bitcoin is at critical jubcture now.
Bitcoin facing resistance from "Yellow" trendline as marked on the chart.
already faced resistance at this trendline 4 times sice 31 May 2022, this is the 5th time its facing resistance at yellow trendline.
Volume is reducing continously.
18500 is a resistance and 15600 is a Support.
If Breakout is given above "Yellow" trendline and it takes support at this yellow trendline, upmove is expected till 18500 and above.
If "Yellow" trendline works as resistance and it gets rejected from yellow trendline, downmove is expected till 15600 and below.
if Breakdown given below 15600 its possible that it may reach 13000 level cosidering weakness in Bitcoin (its in Distribution phase).
These are my personal views and these are for Educational & paper trading purpose only. please consult your financial advisor before investing.
Happy Trading.
Bitcoin facing resistance from "Yellow" trendline as marked on the chart.
already faced resistance at this trendline 4 times sice 31 May 2022, this is the 5th time its facing resistance at yellow trendline.
Volume is reducing continously.
18500 is a resistance and 15600 is a Support.
If Breakout is given above "Yellow" trendline and it takes support at this yellow trendline, upmove is expected till 18500 and above.
If "Yellow" trendline works as resistance and it gets rejected from yellow trendline, downmove is expected till 15600 and below.
if Breakdown given below 15600 its possible that it may reach 13000 level cosidering weakness in Bitcoin (its in Distribution phase).
These are my personal views and these are for Educational & paper trading purpose only. please consult your financial advisor before investing.
Happy Trading.