#BTCUSDT Correction over or was it just a trap?
Updated
Welcome to this extensive analysis of Bitcoin.
If you are reading my updates for the first time, make sure you follow me if you want the most complex charts
Explained in the most simplified manner.
I also post margin and futures trade setups.
Now, let’s get to the chart.
BTC got rejected for the 4th time from the micro resistance channel alonwith the red MA.
Although it didn't break the resistance, the support is still intact.
We can expect a bounce anywhere from the 37.2k to 38.8k range which happens to be the lower support trendline support of the green channel.
So for the time being we can expect a little more downside here. As per the previous chart, the 38k level is an important zone for BTC. It also happens to be the second pivot zone.
BTC needs to get above that blue MA to rally for the fifth time all the way to the green channel resistance.
Break below 37.2k will take us to the 34k-435.5k range which is the legacy trendline support.
Invalidation:- Close below the legacy trendline support.
What do you think of this chart?
Do share your views in the comment section and do not forget to hit the like button.
Thank you
#PEACE
If you are reading my updates for the first time, make sure you follow me if you want the most complex charts
Explained in the most simplified manner.
I also post margin and futures trade setups.
Now, let’s get to the chart.
BTC got rejected for the 4th time from the micro resistance channel alonwith the red MA.
Although it didn't break the resistance, the support is still intact.
We can expect a bounce anywhere from the 37.2k to 38.8k range which happens to be the lower support trendline support of the green channel.
So for the time being we can expect a little more downside here. As per the previous chart, the 38k level is an important zone for BTC. It also happens to be the second pivot zone.
BTC needs to get above that blue MA to rally for the fifth time all the way to the green channel resistance.
Break below 37.2k will take us to the 34k-435.5k range which is the legacy trendline support.
Invalidation:- Close below the legacy trendline support.
What do you think of this chart?
Do share your views in the comment section and do not forget to hit the like button.
Thank you
#PEACE
Trade active
No bullish divergence in lower time frame charts yet.
Expecting a little bit of downside followed by a bounce by the weekly close.
Free Telegram Daily Futures signals:- telegram.me/thecryptorphic
Signup & get Upto $15000 USDT bonus & Trade with me in our Premium Discord for free:-
bit.ly/15000USDTBonus
Join My ELITE CLUB:- bit.ly/Join_elite
Signup & get Upto $15000 USDT bonus & Trade with me in our Premium Discord for free:-
bit.ly/15000USDTBonus
Join My ELITE CLUB:- bit.ly/Join_elite
Related publications
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.