BTCUSDT
Updated
BTC is now testing our weekly support, after the strong rejection of the begin of the week, a new resistance has formed. We can clearly see on the daily chart that previous support became resistance. BTC is also moving in a desending channel.
2 scenarios possible:
Bullish scenario: If we break 47200 on the 4h timeframe, we will open a LONG to the next resistance (52k area) at the retest
Bearsih scenario: The current support doesn't hold and we will open a SHORT at the retest of old support became resistance .
The bearish pressure is strong since a week. Our global sentiment is it's very likely we can vist again the 38k area which is a major support. From here, we could see a nice Bullish impulse to 52k. If we directly bounce from here (45k area), we would probably break 52/53k and go straight to the 60k area . The weekly close will be something important. Monday moirning we'll have a clear view on what is coming .
2 scenarios possible:
Bullish scenario: If we break 47200 on the 4h timeframe, we will open a LONG to the next resistance (52k area) at the retest
Bearsih scenario: The current support doesn't hold and we will open a SHORT at the retest of old support became resistance .
The bearish pressure is strong since a week. Our global sentiment is it's very likely we can vist again the 38k area which is a major support. From here, we could see a nice Bullish impulse to 52k. If we directly bounce from here (45k area), we would probably break 52/53k and go straight to the 60k area . The weekly close will be something important. Monday moirning we'll have a clear view on what is coming .
Note
BTC had a nice breakout from the desending channel and is currently testing the upper line of this channel as new suuport. Our eyes are on 47200 and we will be bullish if we break and restest well.
For now, we do not advise to enter a trade as 47200 is our manin resistance. We are on the weekly close and bears will do everything to close below 46K.
Note
BTC went bearish scenario. Our main target is 38k. If you open a short now, SL at 45700. Once we rech 42K, move SL at breakeven.Note
We don't like what BTC is doing, BTC broke down his ascending channel and now sitting at major support. The big picure deoesn't look good to us and in general we'll advise to do not open any LONG/SHORT position. Uncertainity is dominating and never foget that do not trade is like saving money .
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