#BTCUSD 20.6k could be the TOP (Short term), Here's why!
Updated
BTC bounced exactly as speculated from 18.3k level.
In some exchanges low was around 18.1k for the day.
In this chart I want you to look at the wicks in the yellow boxes.
Wicks are MOMENTUM BUYERS AND SELLERS.
When you see the wicks at the top it means there is a selling pressure and when you see there are wicks at the bottom, it simply means there is a strong buying pressure in the chart.Remember, longer the wick higher the momentum.
So the momentum is shifting towards buyers in the short term.There's a lot of buying pressure in the lower time frames though the volume is low.The upper trendline of the channel touches the 20.3k to 20.6k level this is why I think BTC could reach there making a tripple top.
We will wait for the daily close now and see if the price reclaims a close above the 19k level. If that happens we can see btc again trying to break the 20k level.
You can see there isn't any resistance above 20k so it can go up a bit more.
Though people are thinking of moon right now a surprise correction is inevitable.
CONCLUSION : BTC will correct soon it's just that more and more late longs are being trapped. Be cautious.
Thank you for your support so far.
Do hit the like button if you like this idea and share your views in the comment section.
Keep supporting it's because of you I spend so much time here answering your questions and posting spot on BTC updates which can help you to make better trade decisions on margins futures and even on spot.
Thank you
#PEACE
In some exchanges low was around 18.1k for the day.
In this chart I want you to look at the wicks in the yellow boxes.
Wicks are MOMENTUM BUYERS AND SELLERS.
When you see the wicks at the top it means there is a selling pressure and when you see there are wicks at the bottom, it simply means there is a strong buying pressure in the chart.Remember, longer the wick higher the momentum.
So the momentum is shifting towards buyers in the short term.There's a lot of buying pressure in the lower time frames though the volume is low.The upper trendline of the channel touches the 20.3k to 20.6k level this is why I think BTC could reach there making a tripple top.
We will wait for the daily close now and see if the price reclaims a close above the 19k level. If that happens we can see btc again trying to break the 20k level.
You can see there isn't any resistance above 20k so it can go up a bit more.
Though people are thinking of moon right now a surprise correction is inevitable.
CONCLUSION : BTC will correct soon it's just that more and more late longs are being trapped. Be cautious.
Thank you for your support so far.
Do hit the like button if you like this idea and share your views in the comment section.
Keep supporting it's because of you I spend so much time here answering your questions and posting spot on BTC updates which can help you to make better trade decisions on margins futures and even on spot.
Thank you
#PEACE
Note
The 21D MA and the 18.3k level is acting as a strong support as of now.
BREAK BELOW 18k and we can go as low as 15.8k.
We need to hold this level.
Aa long as this level holds BTC could test the 19.8k to 20.k level again.
Note
Bitcoin is holding the 21D MA. 18k has become a good support in the short term.
Since this support is being held very strongly BTC can retry to break the 19.8k level again as said before.
Stay tuned
Trade active
BTC Weekly Chart : You see this weekly chart? I don't see it closing above 19891 in the next few hours.
Though this BTC and anything ispossible!
We might need to wait for one more week.
The green box is the untested territory. We haven't seen a retracement in this area yet so sooner or later that one is cooming for sure.
Will post multiple Time frame charts tomorrow.
Nothing to be worried here. Stay calm and hold your positions in USDT ALTS AND BTC.
Stay tuned
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