Hello and welcome you all to this quick update on BTC,
As the majority of traders were bearish after the last week's fall down and expected that BTC will melt down to $13k -$14k, BTC managed to perform all and regained well after touching the previous low of $15.5k level.
After a positive reversal fBTC broke the upper trend resistance line at the $16.3k level and regained well almost 7.5% from the lowest point on the above chart.
In the current scenario, BTC is retesting the $16.5k support level and there are higher chances that BTC will rally towards $18k in upcoming days which will be a short-term opportunity for all bulls traders.
In another scenario, if BTC moves back inside the triangle pattern, things will change, so bearing on the safer side if you are buying at the current level or already holding, then use a tight stop loss to save your precious fund from uncertain price fall at this current uncertain market conditions.
I will be posting some lower time frame charts too for a clear view of the upcoming scenarios.
If you like my ideas then do support them with like and follow.
Also, share your views in the comment section.
Thank You!
As the majority of traders were bearish after the last week's fall down and expected that BTC will melt down to $13k -$14k, BTC managed to perform all and regained well after touching the previous low of $15.5k level.
After a positive reversal fBTC broke the upper trend resistance line at the $16.3k level and regained well almost 7.5% from the lowest point on the above chart.
In the current scenario, BTC is retesting the $16.5k support level and there are higher chances that BTC will rally towards $18k in upcoming days which will be a short-term opportunity for all bulls traders.
In another scenario, if BTC moves back inside the triangle pattern, things will change, so bearing on the safer side if you are buying at the current level or already holding, then use a tight stop loss to save your precious fund from uncertain price fall at this current uncertain market conditions.
I will be posting some lower time frame charts too for a clear view of the upcoming scenarios.
If you like my ideas then do support them with like and follow.
Also, share your views in the comment section.
Thank You!
