BITCOIN: STILL UNDER PRESSURE.
Updated
Hello traders, I hope you guys are enjoying your weekend. Here's a quick update on BTC in a lower timeframe.
Timeframe: 6 hours.
Update: In my previous daily TF update, I mentioned $23150 as a slight resistance that BTC has already crossed and so far it is still above it.
Current scenario: In this 6-hour TF, BTC has not yet broken above the resistance trendline. It showed some small fakeout but the daily close dropped the price inside the trendline. According to this chart, a bullish rally towards 28k won't get approved unless BTC breaks and closes above the trendline. Until then, the chances of breaking down still continue.
Key level: 24k resistance level.
Conclusion: To continue a bullish rally BTC must stay above the
23K level after the weekly close.
Let me know what you guys think about the market. I would like to know your opinion.
Thank you and have a great hour ahead.
Timeframe: 6 hours.
Update: In my previous daily TF update, I mentioned $23150 as a slight resistance that BTC has already crossed and so far it is still above it.
Current scenario: In this 6-hour TF, BTC has not yet broken above the resistance trendline. It showed some small fakeout but the daily close dropped the price inside the trendline. According to this chart, a bullish rally towards 28k won't get approved unless BTC breaks and closes above the trendline. Until then, the chances of breaking down still continue.
Key level: 24k resistance level.
Conclusion: To continue a bullish rally BTC must stay above the
23K level after the weekly close. Let me know what you guys think about the market. I would like to know your opinion.
Thank you and have a great hour ahead.
Note
BTC Update:
Bitcoin is falling down as expected. We might have small support ranging between 21.6k to 22k. BTC must hold this support if not then 20.5k could be the range.
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