Welcome to this quick Update, everyone.
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I also post altcoin setups on Spot, Margin, and Futures.
Though BTC broke below the support the 100 MA saved the day.
An important support level is around 46.5k
The blue channel could be tested around the daily close.
To be honest, I don’t know where it’s going. BTC must break above the 51k level to be bullish. As long as it stays below the channel it’s risky to enter or hold leveraged positions. The reason being we are trading around a Rising Wedge Channel.
BTC is very cunning. It breaks the pattern and then goes inside again.
The recent pump would end up being a trap If BTC breaks below the 100MA.
Be alert, avoid margin and leverage trades, and accumulate alts on spot in dips.
So IMHO it’s better to wait for the breakout to long and the breakdown to short.
What's your thought on this?
Do you think this correction is over?
Do you think BTC could easily pump from here?
Do hit the like button if you like this update and share your views in the comment section.
Thank you
#PEACE
If you are reading my updates for the first time do follow me to get more complex charts in a very simplified way.
I also post altcoin setups on Spot, Margin, and Futures.
Though BTC broke below the support the 100 MA saved the day.
An important support level is around 46.5k
The blue channel could be tested around the daily close.
To be honest, I don’t know where it’s going. BTC must break above the 51k level to be bullish. As long as it stays below the channel it’s risky to enter or hold leveraged positions. The reason being we are trading around a Rising Wedge Channel.
BTC is very cunning. It breaks the pattern and then goes inside again.
The recent pump would end up being a trap If BTC breaks below the 100MA.
Be alert, avoid margin and leverage trades, and accumulate alts on spot in dips.
So IMHO it’s better to wait for the breakout to long and the breakdown to short.
What's your thought on this?
Do you think this correction is over?
Do you think BTC could easily pump from here?
Do hit the like button if you like this update and share your views in the comment section.
Thank you
#PEACE
Trade active:
BTC just hit $50k!
The main resistance area is around $50k to $52k.
once this area is broken 57k will be the next target.
Anything below this area would be a risk.
Close above $51k and we are good to go.
BTC just hit $50k!
The main resistance area is around $50k to $52k.
once this area is broken 57k will be the next target.
Anything below this area would be a risk.
Close above $51k and we are good to go.
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