Bitcoin / TetherUSShort
BTC IS AT RESISTANCE! EXPECTING A CORRECTION FROM HERE!!
Updated
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Welcome to this quick BTC update. The first week of 2023 was going fantastic, we saw a good pump in the market. If you followed my previous analysis of BTC in which I clearly mentioned that BTC will go to test the 17.3k-17.5k level and exactly the same happened.
Now, what's next?
As you see in the chart, currently, BTC is trading in the resistance zone. 17.3k-17.6k is a crucial resistance area. I'm expecting a rejection from here and we might see a test of 16.8k-17k from here.
Tomorrow, CPI data will release and I'm expecting a bad CPI this time. So every pump before the CPI is just a trap IMO.
Let's see how this goes.
What do you think? Share your views in the comment section.
If you like this idea then do support it with like and follow.
Thank You!
Welcome to this quick BTC update. The first week of 2023 was going fantastic, we saw a good pump in the market. If you followed my previous analysis of BTC in which I clearly mentioned that BTC will go to test the 17.3k-17.5k level and exactly the same happened.
Now, what's next?
As you see in the chart, currently, BTC is trading in the resistance zone. 17.3k-17.6k is a crucial resistance area. I'm expecting a rejection from here and we might see a test of 16.8k-17k from here.
Tomorrow, CPI data will release and I'm expecting a bad CPI this time. So every pump before the CPI is just a trap IMO.
Let's see how this goes.
What do you think? Share your views in the comment section.
If you like this idea then do support it with like and follow.
Thank You!
Note
BTC breaks the resistance in a single candle. I didn't expect this but this is the market, sometimes you are right, and sometimes you are wrong. But the most important thing is to learn from your mistake.
Now, BTC breaks the 17.5k resistance and currently trading at another resistance zone which is at the 18.3k-18.5k level. Personally, I'm waiting for the red days, I'm not buying or long anything here. No matter it will pump another 5-10% but eventually, it will come back for a retest. So IMO it's better to wait for some pullback.
Today CPI data will release so we expect a highly volatile move on both sides. Avoid futures trading today. Simply watching the market by staying aside.
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