Hi Traders,
An update to the current BTC movement. Price is currently rejecting and sitting above the 50MA on the 4hr. Price is also sitting above a nice support level/zone which you can see on the chart. We will get a better picture of direction win the next 2/3 4hr candles. If price breaks the current support zone then we will look at support around the 100/200MA at $51500. If price holds its current position and starts to push higher we will look at a potential rejection of resistance at the second zone $58300-$57500. If we get a break and a close above this zone it will be a good indication that price will push higher however if it fails to break and close above then it will lead us to think that price has some more to come down.
Thanks
The Market Sniper Team
An update to the current BTC movement. Price is currently rejecting and sitting above the 50MA on the 4hr. Price is also sitting above a nice support level/zone which you can see on the chart. We will get a better picture of direction win the next 2/3 4hr candles. If price breaks the current support zone then we will look at support around the 100/200MA at $51500. If price holds its current position and starts to push higher we will look at a potential rejection of resistance at the second zone $58300-$57500. If we get a break and a close above this zone it will be a good indication that price will push higher however if it fails to break and close above then it will lead us to think that price has some more to come down.
Thanks
The Market Sniper Team
