Today we are doing simple analysis of BTC/USDT chart. We will not short or long in this situation, this is simple analysis to make better decision later.
We see BTC dipping further towards the $43k range which indicates a futher downslide is coming, however we do see a bullish cross on the 4HR MACD so if BTC makes a move upwards it will meet resistance
at around $51,131, if it pushes past this resistance and 4HR candle closes above $50,835 then we can enter long target $55k. If BTC continues to drop we will possibly see $42K, I believe it will make a slight move upward and
bounce off resistance and continue it's downward move towards $42k, would be decent short oppurtunity but let's wait for confirmation.
As you see we never take profit at exact resistance and exact support, we take profit slightly before to protect our funds.
Resistance: $50,835/$59,507
Support: $46,832/$42,301
We will sit, watch, and wait from here for any entries
We see BTC dipping further towards the $43k range which indicates a futher downslide is coming, however we do see a bullish cross on the 4HR MACD so if BTC makes a move upwards it will meet resistance
at around $51,131, if it pushes past this resistance and 4HR candle closes above $50,835 then we can enter long target $55k. If BTC continues to drop we will possibly see $42K, I believe it will make a slight move upward and
bounce off resistance and continue it's downward move towards $42k, would be decent short oppurtunity but let's wait for confirmation.
As you see we never take profit at exact resistance and exact support, we take profit slightly before to protect our funds.
Resistance: $50,835/$59,507
Support: $46,832/$42,301
We will sit, watch, and wait from here for any entries