Is That a Possible Entry Point Forming There For BTC?
Folks, just a very quick update on my personal outlook for the next day or so - I'll try to keep it short. As you will see on the 1 hour Chart for BTC - another underlying (less significant, but worth mentioning) trend line has formed as a support level (see the light blue line). This line is positioned very close to the stronger trendline, situated at the base of the current uptrend channel (see the darker blue line) - Those two lines eventually intersect, and the MACD is also showing a possible further drop, PROVIDED the price level is able to drop below the current $11125.00 support level, where it is as I am writing this. Should that happen, a possible drop further down into the area where I drew the Ellipse might be on the cards. That should be in the region of about $10500.00 to around $10800.00 - However, having said that, I would wait for a bounce back upwards within that area before buying - just in case the light blue and strong blue support lines fail to act as a strong enough support.
Thanks for reading, and as always, please don't take this as trading advice of any kind, this conclusion is just based on my own technical analysis. You should always do your own research, and trade carefully at your own risk. Enjoy the rest of the weekend for those folks based in Africa, Europe and the US. Safe trading everyone!
Thanks for reading, and as always, please don't take this as trading advice of any kind, this conclusion is just based on my own technical analysis. You should always do your own research, and trade carefully at your own risk. Enjoy the rest of the weekend for those folks based in Africa, Europe and the US. Safe trading everyone!
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