#BTCUSDT Correction over or was it just a trap?
Updated
Welcome to this extensive analysis of Bitcoin.
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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.
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BLOFIN - bit.ly/Cryptorphic
MEXC : bit.ly/get9100usdt
Binance: bit.ly/cryptorphic1000
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