BITCOIN: STILL NOT BULLISH!!!
Hello traders, I hope you guys are doing good. Here's a quick update on BTC in a lower timeframe.
Timeframe: 8 hours.
Update: BTC is still not bullish. It did perfectly bounce back from the 18.5k to 19k support level but currently, it is struggling to break above the 22k resistance level. If BTC fails to break above this level then we can expect another drop in the market. The RSI is already close to the overbought zone.
Conclusion: BTC is still in a critical zone. Holding leverage positions for long in this unstable market will be risky. You may take short or long calls for scalping but make sure that it is for a shorter period of time.
Note: Take the risk that you can effort to lose but knowingly do not jump into a bad trade. When you know and see that market is in a risky zone, stay aside.
I hope this update is helpful for you. Thank you for supporting me.
God bless.
Timeframe: 8 hours.
Update: BTC is still not bullish. It did perfectly bounce back from the 18.5k to 19k support level but currently, it is struggling to break above the 22k resistance level. If BTC fails to break above this level then we can expect another drop in the market. The RSI is already close to the overbought zone.
Conclusion: BTC is still in a critical zone. Holding leverage positions for long in this unstable market will be risky. You may take short or long calls for scalping but make sure that it is for a shorter period of time.
Note: Take the risk that you can effort to lose but knowingly do not jump into a bad trade. When you know and see that market is in a risky zone, stay aside.
I hope this update is helpful for you. Thank you for supporting me.
God bless.
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