#BTCUSD Broke below. Is it Bearish or Bounce Incoming?
Updated
Bitcoin broke below the 30k level. As per my last BTC chart, this is the second scenario in play.
For Bulls, I know this is bad but not the END!
There's a lack of volume in the market.
Most importantly there's no fundamental stimulus to push positive rallies.
Bitcoin is trading below all important moving averages looking at the pattern it seems likely that a bounce is incoming from the lower trendline of the channel.
THE RSI shows a falling wedge pattern which is certainly going to break to the upside pushing the price higher.
Too much information given in the chart, do observe.
Possible areas for bounce:
28.2k
27k
24k
Just keep in mind if BTC doesn't maintain this channel by the weekly close we can retest as low as 24k in the coming weeks.
I believe a Bounce is incoming before the weekly close.
Do hit the like button if you like this update and share your views in the comment section.
Stay tuned
#PEACE
For Bulls, I know this is bad but not the END!
There's a lack of volume in the market.
Most importantly there's no fundamental stimulus to push positive rallies.
Bitcoin is trading below all important moving averages looking at the pattern it seems likely that a bounce is incoming from the lower trendline of the channel.
THE RSI shows a falling wedge pattern which is certainly going to break to the upside pushing the price higher.
Too much information given in the chart, do observe.
Possible areas for bounce:
28.2k
27k
24k
Just keep in mind if BTC doesn't maintain this channel by the weekly close we can retest as low as 24k in the coming weeks.
I believe a Bounce is incoming before the weekly close.
Do hit the like button if you like this update and share your views in the comment section.
Stay tuned
#PEACE
Trade active
Note
Spot on.
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