BITCOIN: MUST HOLD!
Updated
Hello guys, welcome to this BTC update. I going to keep it easy and straightforward.
Time frame: 8 hours.
Recap: BTC couldn't keep up with the 23.5k to 23.5k support range in 4 hours TF. My previous post mentioned the bearish rising wedge pattern, which broke down hard.
Update: In the last 5 and half days, BTC has dropped by -15% and we can literally see the entire market reacting accordingly. In this 8 hours TF, we have strong support at 21k and BTC must hold this support line by any means. We can expect a bounce anywhere close to the support range only if BTC manages to stay above the 21k range. Dropping below this range will be critical.
Can this be a good time for accumulation?
- If BTC holds this level then yes, it will be a good range for accumulation. I am accumulating BTC at this range.
I hope this update is helpful for you.
Trade safely.
Time frame: 8 hours.
Recap: BTC couldn't keep up with the 23.5k to 23.5k support range in 4 hours TF. My previous post mentioned the bearish rising wedge pattern, which broke down hard.
Update: In the last 5 and half days, BTC has dropped by -15% and we can literally see the entire market reacting accordingly. In this 8 hours TF, we have strong support at 21k and BTC must hold this support line by any means. We can expect a bounce anywhere close to the support range only if BTC manages to stay above the 21k range. Dropping below this range will be critical.
Can this be a good time for accumulation?
- If BTC holds this level then yes, it will be a good range for accumulation. I am accumulating BTC at this range.
I hope this update is helpful for you.
Trade safely.
Note
BTC Update:
After a 10.5% drop in the last 24 hours, BTC is showing some sign of recovery. This could be a good range for accumulation on spot. If BTC drops below 21k, we can wait for another confirmed accumulation zone. An hour left for this candle to close, let us see how the next candle will play out.
Trade safely.
coincall.com/r/43438887
Trade crypto options and futures on Coincall for great onboarding bonuses and a premium trading experience.
Trade crypto options and futures on Coincall for great onboarding bonuses and a premium trading experience.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.