Hello folks,
Welcome to this BTC update in a daily timeframe.
If you haven't checked my previous BTC update then do check it out. The link is in the related ideas section, below.
Alright, in my previous chart, I mentioned the bearish divergence formation and the possibility of the BTC price action. We were assuming BTC to reach at least $50k before it falls down but it failed to do so and got rejected from $48825. So far it's an 11% drop and this may possibly continue.
Now, as per this chart and the RSI, we may see a bounce from the $37300 level, and if that happens BTC may try to reach the $50k resistance once again. However, the current situation is bearish and if the bearish scenarios continue to grow then BTC won't hold the $37k level as well which will ultimately lead the price back to the $29k level.
Remember, the market never goes in one direction. We saw greens in the last couple of weeks and now it's time for the reds.
I am sticking with a possible bounce at the $37k level where we can enter into altcoins and make some money but we will surely wait for the confirmation first.
I hope you find this post useful. Do hit like and share your views.
Thank you.
Welcome to this BTC update in a daily timeframe.
If you haven't checked my previous BTC update then do check it out. The link is in the related ideas section, below.
Alright, in my previous chart, I mentioned the bearish divergence formation and the possibility of the BTC price action. We were assuming BTC to reach at least $50k before it falls down but it failed to do so and got rejected from $48825. So far it's an 11% drop and this may possibly continue.
Now, as per this chart and the RSI, we may see a bounce from the $37300 level, and if that happens BTC may try to reach the $50k resistance once again. However, the current situation is bearish and if the bearish scenarios continue to grow then BTC won't hold the $37k level as well which will ultimately lead the price back to the $29k level.
Remember, the market never goes in one direction. We saw greens in the last couple of weeks and now it's time for the reds.
I am sticking with a possible bounce at the $37k level where we can enter into altcoins and make some money but we will surely wait for the confirmation first.
I hope you find this post useful. Do hit like and share your views.
Thank you.
