#BTCUSD Important levels and Possible scenarios Explained!Welcome to this update. Please read carefully by looking at the chart.
Highly appreciate your support so far.
Let's get to the chart now:
Bitcoin broke the parabolic trendline and it seems we are going to hit the 17.3k resistance again.
In this chart I have speculated the possible move as per my opinion.
Invalidation will be break and close above 18.4k.(Unlikely)
Lower support zones:
.382 : 15.8K
.5 : 14.7K
.618 : 13.5K
Above are the important fib levels were 0.618 happens to be the golden pocket. Unlikley for now but it is possible.
Also to note that the blue channel has not been retested yet after the breakout so there's still chances that we can see a retest of the level in future.
The level is somewhere between 17.8k to 18.4k.
BTC has been falling since the last 3 days so there's a possibility that we can see a bullish rally to pump to the upper side of the channel resistances.
I see two possible scenarios in this chart. Either we test the 17.3k again and go down to the 15.8k level or we can just touch the lower trendline of the small blue channel at the top.
What should be the best thing to do right now?
IMHO If you are in USDT better to place your buy orders on the levels given above.
If you are a long term hodler you can just hold.
If you are a trend trader or short term trader better to sell some of your stack around the yellow box : 17.3k and again around the retest level of the blue channel which is around 17.8k to 18.4k.
(Not financial advise please do your own research).
It's really very important to be patient with your trades. 19.8k was a previous resistance and also there was some massive bearish divergence on multiple time frames. You knew this was coming. I have been saying this since very long so suggested holding USDT.
This could happen to be the last buying opportunity for retail traders when BTC corrects.
I will post multiple Time frame charts soon.
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Thanks for reading.
Stay safe
#PEACE
