BTC/USDT downtrend over, now what next?
Updated
Hello,
BTC/USDT has clearly broken the downtrend few days back and clearly maintained the price ever since.
Now real question is, what next?
Price is near Ichimoku cloud. As the cloud is very thin at this place, it would be easy for BTC to break it and move upward.
Next big resistance level is near 11.5k which we need to watch out.
This my be reached as MACD indicates momentum shift by crossing the zero line. So possibly we will see a bull run to reach 11.5k in the coming few week.
But at that point it will be a good spot to take some profit. RSI is already nearing the 70% oversold mark. So the Risk-to-Reward will be in favor of the sellers then.
Let's see how it plays out.
This is my personal opinion. This is not a financial advice. Use your own judgment while investing.
BTC/USDT has clearly broken the downtrend few days back and clearly maintained the price ever since.
Now real question is, what next?
Price is near Ichimoku cloud. As the cloud is very thin at this place, it would be easy for BTC to break it and move upward.
Next big resistance level is near 11.5k which we need to watch out.
This my be reached as MACD indicates momentum shift by crossing the zero line. So possibly we will see a bull run to reach 11.5k in the coming few week.
But at that point it will be a good spot to take some profit. RSI is already nearing the 70% oversold mark. So the Risk-to-Reward will be in favor of the sellers then.
Let's see how it plays out.
This is my personal opinion. This is not a financial advice. Use your own judgment while investing.
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