Bitcoin update 4hour analiysis,
Yesterday's -9.8% drop wasn't expected at all. Everything was working fine and I personally expected BTC to reach $46k but these FUDs messed up everything. Still, being a trader, we must be prepared for any kind of situations.
Now, as you can see in the present chart that BTC is struggling to break above the 21 MA which is not good. For BTC to continue its upward rally a breakthrough from $40k to $46k is much needed.
The daily close was above the $42k which was a relief but things are still under pressure. The present chart is reflecting 2 possible scenarios:
Scenario 1: If BTC breaks above the 21 MA and continues towards the $46k- Once we see the BTC price at $46k, we would reach a very crucial point where if it breaks the $46k resistance, we may see a good rally towards the $50k, and on the other hand if it gets rejected then a pullback towards $44k to $40k will be the result.
Scenario 2: If BTC will get rejected from the 21 MA- A rejection will end up dropping the price towards the $39k level to continue the pattern. Once we reach this level, a bounce will be much needed to pull back the price but a further breakdown will be horrifying.
Do you think there are more possible ways that BTC could move?
Do let me know your ideas and thoughts in the comment box.
Do hit the like button and share your views.
Thank you...
Yesterday's -9.8% drop wasn't expected at all. Everything was working fine and I personally expected BTC to reach $46k but these FUDs messed up everything. Still, being a trader, we must be prepared for any kind of situations.
Now, as you can see in the present chart that BTC is struggling to break above the 21 MA which is not good. For BTC to continue its upward rally a breakthrough from $40k to $46k is much needed.
The daily close was above the $42k which was a relief but things are still under pressure. The present chart is reflecting 2 possible scenarios:
Scenario 1: If BTC breaks above the 21 MA and continues towards the $46k- Once we see the BTC price at $46k, we would reach a very crucial point where if it breaks the $46k resistance, we may see a good rally towards the $50k, and on the other hand if it gets rejected then a pullback towards $44k to $40k will be the result.
Scenario 2: If BTC will get rejected from the 21 MA- A rejection will end up dropping the price towards the $39k level to continue the pattern. Once we reach this level, a bounce will be much needed to pull back the price but a further breakdown will be horrifying.
Do you think there are more possible ways that BTC could move?
Do let me know your ideas and thoughts in the comment box.
Do hit the like button and share your views.
Thank you...
