#BTC - Break from Trend line and Ascending triangle pattern
BYBIT:BTCUSD
Beware of fake-out candles and Trade Safe!
Daily RSI
BTC- 50 ( Neutral Zone )
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- Bitcoin has broken down from the trend line and ascending triangle pattern (it has been forming since it started it's up-move after the crash) which is a bearish sign
- First level of support would be 9000 followed by the 8500 region which is a confluence zone (200 MA + S/R zone)
- Since the past sometime, we have seen a positive correlation between the Global markets and Bitcoin. Thus, if global markets move down again we can see bitcoin also heading down
- On the contrary this may be shake out crash and in that case we can see BTC rise again so keep that in mind and have a proper stop loss if you are shorting BTC
- The 10K level on the upside has been tested several times and If we retest and break it with volume, then that would be a bullish sign and we can see higher levels in BTC
Beware of fake-out candles and Trade Safe!
Daily RSI
BTC- 50 ( Neutral Zone )
If you found the article useful -
HIT LIKE & FOLLOW FOR MORE
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