BITCOIN: ONCE AGAIN AT THE SUPPORT LEVEL.
Hello traders, it's been quite a roller coaster ride since yesterday. Here's a quick update on BTC in 12 hours timeframe.
Preview: In our previous 2 hours TF update, we saw how BTC got rejected exactly from the 20.3k resistance level and we made a save exit on BTC, ETH, and OP trades.
Update: Currently, we can see that BTC is back to its previous support level and it is important for BTC to hold it tight. A breakdown below this level could mean a fall below the 18k and that will lead BTC towards 17.6k. Now, 17.6k won't be an ideal place for BTC to stay cause that will disturb the entire trendline and invalidate the rally. A shadow can be expected but a breakdown and close below the support is not something that we want.
RSI: The only good thing in this chart is the RSI. Even though the market is dropping down, the RSI continues to rally up. This is one of the strong bullish divergences and I expect something good out of this.
That's it from my end. If you have any thoughts or ideas on the recent BTC move then do share them in the comments section.
God bless and trade safely.
Preview: In our previous 2 hours TF update, we saw how BTC got rejected exactly from the 20.3k resistance level and we made a save exit on BTC, ETH, and OP trades.
Update: Currently, we can see that BTC is back to its previous support level and it is important for BTC to hold it tight. A breakdown below this level could mean a fall below the 18k and that will lead BTC towards 17.6k. Now, 17.6k won't be an ideal place for BTC to stay cause that will disturb the entire trendline and invalidate the rally. A shadow can be expected but a breakdown and close below the support is not something that we want.
RSI: The only good thing in this chart is the RSI. Even though the market is dropping down, the RSI continues to rally up. This is one of the strong bullish divergences and I expect something good out of this.
That's it from my end. If you have any thoughts or ideas on the recent BTC move then do share them in the comments section.
God bless and trade safely.
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