2022 have been a bad year for BTC. for now I see it as the last chance for buyers to stand up. Price of BTC has been breaking all major support almost, all the market are bloody red. however I think BTC can start an up movement in one condition which is a weekly close above the blue channel and last week close turn as fake. only after that we may see some positive signal for the market. if the price close two weekly candle below the channel that mean we are going for a new low. after the weekly close we will post an update, My advise for now "DO NOT TRADE AT ALL" wait for the weekly close.
Note
For sure its was a bloody week for the crypto market in general. The weekly close of BTC was not that good in my opinion, BTC price will get some pressure & for sure we are going to test our last Low since we reach around 25K\BUSD but the USDT pair were a little better. I think BTC is targeting 26300-26000 area. If the price action was clearly that we are near the bottom I may enter the market with 25% of the cash "BTC only" . If the price start making HH towards 33000-32500 area I will wait for the HL to enter a scalp trade. Will update soon. Happy Trading.
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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.