#BTCUSDT Don't panic. Last sweep before bull rally?
Updated
Welcome to this quick Update, everyone.
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BTC broke out above the 51.5k level ending up being a fake breakout.
Whales started taking profits here and probably building long positions at lower level now.
The bulls are still strong and I thing there's no need to panic.
Reasons:-
1. BTC is testing the blue trendline which is the resistance turned support level.
2. 46k is an important level
3. 200D MA support at 46k
However there's one condition on which the whole bull rally depends which is holding the 21MA. For that we need a daily close above the 48.8k level.
Only a close above this level confirms a rally towards
54K level.
Else we could see some consolidation around the 43k to 47k area for the next few days and even a week.
Invalidation of this chart would be aa close below the 43k level.
What's your thought on this?
If you want me to post more of these updates, Do hit the like button and share your views in the comment section.
Thank you
#PEACE
If you are reading my updates for the first time do follow me to get more complex charts in a very simplified way.
I also post altcoin setups on Spot, Margin, and Futures.
Let's get to the chart!
BTC broke out above the 51.5k level ending up being a fake breakout.
Whales started taking profits here and probably building long positions at lower level now.
The bulls are still strong and I thing there's no need to panic.
Reasons:-
1. BTC is testing the blue trendline which is the resistance turned support level.
2. 46k is an important level
3. 200D MA support at 46k
However there's one condition on which the whole bull rally depends which is holding the 21MA. For that we need a daily close above the 48.8k level.
Only a close above this level confirms a rally towards
54K level.Else we could see some consolidation around the 43k to 47k area for the next few days and even a week.
Invalidation of this chart would be aa close below the 43k level.
What's your thought on this?
If you want me to post more of these updates, Do hit the like button and share your views in the comment section.
Thank you
#PEACE
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