Welcome to a new update!
It looks like BTC officially made a lower high. We already have made a lower low in the past. This means that BTC is in a downtrend.
This is a great reset for the market but what are the support levels?
The first support is 51K...
If BTC can't break 51k we will see 56k soon.
The next support is 47K. In the previous dip we couldn't break this level..
If BTC can't break this level, then we have a double bottom. This is very bullish and making a double bottom, will break the downtrend.
So if we can't break 47k, we will not be in a downtrend anymore.
The next and last support is 41-42K. This is a crucial and very big support.
We tested this support 9 January, 10 February and 28 February.
Also the 200EMA on the daily is at the 41-42K support. so it is a very big support.
It starts to be scary when we break this level.
At the moment, we are in a normal dip. I expect that we will go more down.
We still remain bullish in the bigger picture if we don't break the 41-42K support level.
This was the update. I hope it was all clear.
Don't forget to follow me for more updates and expectations!
It looks like BTC officially made a lower high. We already have made a lower low in the past. This means that BTC is in a downtrend.
This is a great reset for the market but what are the support levels?
The first support is 51K...
If BTC can't break 51k we will see 56k soon.
The next support is 47K. In the previous dip we couldn't break this level..
If BTC can't break this level, then we have a double bottom. This is very bullish and making a double bottom, will break the downtrend.
So if we can't break 47k, we will not be in a downtrend anymore.
The next and last support is 41-42K. This is a crucial and very big support.
We tested this support 9 January, 10 February and 28 February.
Also the 200EMA on the daily is at the 41-42K support. so it is a very big support.
It starts to be scary when we break this level.
At the moment, we are in a normal dip. I expect that we will go more down.
We still remain bullish in the bigger picture if we don't break the 41-42K support level.
This was the update. I hope it was all clear.
Don't forget to follow me for more updates and expectations!