BITCOIN UPDATE: LOOKS SKEPTICAL!!!
Welcome folks to my new update on BTC. I am using 6 hours timeframe to analyze this chart.
If you are viewing my post for the first time then do hit the like button and graciously follow as well. I share updates on the crypto market including margin trading, futures, spot, and scalping. All ideas are my biased opinion and I invest in my own risk. I don't force anyone to buy or sell, I simply share my ideas absolutely for free and it is your sole decision whether to trade on it or use it to understand the market.
BTC looks skeptical at this present price but we always have support and resistance to analyze the price movement. I am gonna divide this update into two scenarios, the Bullish scenario, and the Bearish scenario.
Bullish Scenario: The current price of BTC is right above the support line from where BTC has bounced back multiple times. This support line is roughly between 37k to 38k. We may probably see BTC coming back to this support level and then bounce back or a straight higher rally from the current price if BTC breaks the 21 MA/40k resistance. Once it breaks through then it will definitely try to reach the 44k resistance level.
Bearish Scenario: BTC has been failing to break above the yellow dotted resistance which is at 40k. Also, the current price is below 21 MA. If BTC starts to drop then there is a possibility that BTC may drop up to 35k. Talking about the volume then we don't see any volume coming in.
Conclusion: No matter where BTC makes its upcoming move, I believe that it will stay in between the 35k to 44k level. In a lower timeframe, these two levels are important to keep an eye on.
Altcoins: Altcoins will react based on BTC. The trade setups I gave are still valid but I am not investing a chunk of money right now. I am playing safe with some portion at the spot and around 2%-3% on leverage.
Remember: Whenever you are skeptical about the market, stay away. It may pump hard but that's ok. If it bleeds and you are holding positions then you lose something. On top of all this, the weekend is here so be extra cautious.
I hope this idea was valuable to you. Do like, follow and share this update with as many traders as possible.
Thank you.
If you are viewing my post for the first time then do hit the like button and graciously follow as well. I share updates on the crypto market including margin trading, futures, spot, and scalping. All ideas are my biased opinion and I invest in my own risk. I don't force anyone to buy or sell, I simply share my ideas absolutely for free and it is your sole decision whether to trade on it or use it to understand the market.
BTC looks skeptical at this present price but we always have support and resistance to analyze the price movement. I am gonna divide this update into two scenarios, the Bullish scenario, and the Bearish scenario.
Bullish Scenario: The current price of BTC is right above the support line from where BTC has bounced back multiple times. This support line is roughly between 37k to 38k. We may probably see BTC coming back to this support level and then bounce back or a straight higher rally from the current price if BTC breaks the 21 MA/40k resistance. Once it breaks through then it will definitely try to reach the 44k resistance level.
Bearish Scenario: BTC has been failing to break above the yellow dotted resistance which is at 40k. Also, the current price is below 21 MA. If BTC starts to drop then there is a possibility that BTC may drop up to 35k. Talking about the volume then we don't see any volume coming in.
Conclusion: No matter where BTC makes its upcoming move, I believe that it will stay in between the 35k to 44k level. In a lower timeframe, these two levels are important to keep an eye on.
Altcoins: Altcoins will react based on BTC. The trade setups I gave are still valid but I am not investing a chunk of money right now. I am playing safe with some portion at the spot and around 2%-3% on leverage.
Remember: Whenever you are skeptical about the market, stay away. It may pump hard but that's ok. If it bleeds and you are holding positions then you lose something. On top of all this, the weekend is here so be extra cautious.
I hope this idea was valuable to you. Do like, follow and share this update with as many traders as possible.
Thank you.
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