BITCOIN: TESTING THE RESISTANCE.
Hello traders, welcome to this BTC update in a shorter timeframe.
Timeframe: 3 hours.
Recap: As per our previous chart, BTC maintained the support level following the bullish divergence pattern. It bounced back from $19500 (divergence support) to $20500 (current resistance).
Update: BTC in a lower timeframe is forming a bullish falling wedge pattern which is a good thing for the market. The current resistance will decide the next flow of the market.
1. Breakout and retest will allow the market to move in a positive direction.
2. Rejection will drop the price back to $19300.
Conclusion: The market is in a perplexing stage at present and on top of that the FEDs. It will be wise to wait for a confirmation.
I hope this idea was helpful for you. Let me know your ideas on the current market scenario.
Note: This idea is in a shorter timeframe. So, take your trades accordingly.
Trade safely.
Timeframe: 3 hours.
Recap: As per our previous chart, BTC maintained the support level following the bullish divergence pattern. It bounced back from $19500 (divergence support) to $20500 (current resistance).
Update: BTC in a lower timeframe is forming a bullish falling wedge pattern which is a good thing for the market. The current resistance will decide the next flow of the market.
1. Breakout and retest will allow the market to move in a positive direction.
2. Rejection will drop the price back to $19300.
Conclusion: The market is in a perplexing stage at present and on top of that the FEDs. It will be wise to wait for a confirmation.
I hope this idea was helpful for you. Let me know your ideas on the current market scenario.
Note: This idea is in a shorter timeframe. So, take your trades accordingly.
Trade safely.
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