Hello folks,
I hope you all are doing great.
Here's a weekly update on the BTC price. Like the title says, BTC is holding strong support on 50D MA and we can clearly see that it is bouncing back. But if you look in a weekly chart, the 50D MA wasn't the actual strong support for BTC. It was the 200 D MA which is at the
14K level. Technically, the 50 D MA is acting as a support, but is it the actual support to push the price back to $60k? Well, that's uncertain.
According to my understanding, if BTC continues to remain above the 50 D MA in a weekly chart till the weekend, we may see BTC rallying towards the upside but if it drops below the 50 D MA, then the only strong support will be the 200 D MA.
Let's hope for the best for the crypto market.
If you like my ideas then do like and comment.
See you guys soon.
Take care and stay safe.
I hope you all are doing great.
Here's a weekly update on the BTC price. Like the title says, BTC is holding strong support on 50D MA and we can clearly see that it is bouncing back. But if you look in a weekly chart, the 50D MA wasn't the actual strong support for BTC. It was the 200 D MA which is at the
14K level. Technically, the 50 D MA is acting as a support, but is it the actual support to push the price back to $60k? Well, that's uncertain.According to my understanding, if BTC continues to remain above the 50 D MA in a weekly chart till the weekend, we may see BTC rallying towards the upside but if it drops below the 50 D MA, then the only strong support will be the 200 D MA.
Let's hope for the best for the crypto market.
If you like my ideas then do like and comment.
See you guys soon.
Take care and stay safe.
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.
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.