BITCOIN UPDATE: A DIVE OR A JUMP???
Welcome members to this update on BTC. I am using 3 hours TF for the analysis.
If you are viewing my post for the first time then do not forget to like and follow. I share updates on the crypto market including margin trading, futures, spot, and scalping. All ideas are my biased opinion and I invest in my own risk. I don't force anyone to buy or sell, I simply share my ideas absolutely for free and it is your sole decision whether to trade on it or use it to understand the market.
Coming back to the chart.
BTC has broken out of the rising wedge pattern but things still look skeptical here. We can possibly see a higher rally coming in and BTC could bounce back from a 44k support level. But let us not forget the RSI. BTC is rallying higher but the RSI is breaking down below the lower trendline. It is losing the volume here and whenever this has happened, BTC has fallen down badly.
Here is the possibility according to the support and resistance level.
1. 44k support level: If BTC manages to hold this level then we will soon see a bounce towards 46k.
2. 43k support level: If BTC breaks down from the current level then we can expect BTC to create a support at 43k and then a bounce.
This will be an important level to keep an on and for now 44k level is a crucial support for BTC.
Let me know what you think about BTC. Do like and follow for more updates.
I'll see you at the next one.
Thank you.
If you are viewing my post for the first time then do not forget to like and follow. I share updates on the crypto market including margin trading, futures, spot, and scalping. All ideas are my biased opinion and I invest in my own risk. I don't force anyone to buy or sell, I simply share my ideas absolutely for free and it is your sole decision whether to trade on it or use it to understand the market.
Coming back to the chart.
BTC has broken out of the rising wedge pattern but things still look skeptical here. We can possibly see a higher rally coming in and BTC could bounce back from a 44k support level. But let us not forget the RSI. BTC is rallying higher but the RSI is breaking down below the lower trendline. It is losing the volume here and whenever this has happened, BTC has fallen down badly.
Here is the possibility according to the support and resistance level.
1. 44k support level: If BTC manages to hold this level then we will soon see a bounce towards 46k.
2. 43k support level: If BTC breaks down from the current level then we can expect BTC to create a support at 43k and then a bounce.
This will be an important level to keep an on and for now 44k level is a crucial support for BTC.
Let me know what you think about BTC. Do like and follow for more updates.
I'll see you at the next one.
Thank you.
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