Welcome to the exclusive update on BTC in the daily timeframe.
We have been analyzing BTC in shorter timeframes and we have seen some drastic changes coming in and out of BTC. If we look into the daily timeframe then it gives us a different scenario.
In this daily timeframe chart, I have mentioned all the possible resistance and support levels for BTC. If we look into the chart then we can clearly see that BTC broke out of the falling wedge pattern and is currently showing a retest. The area from where it started rejecting is actually a strong resistance level which we had talked about in our previous post. Now, as BTC is retesting, it could possibly retest up to the support level which is between $39k to $41k, and then it should bounce back. If BTC manages to bounce back then we can expect some higher rallies coming in but still, it'll need to break above the resistance levels mentioned in the chart.
A breakdown below $39k will put BTC into danger and this entire pump will be nothing but a trap. So, it is better to wait in the current situation and stay away from trades.
What is your opinion? Is this a retest or just another trap?
Comment your ideas and do like and follow for more interesting updates.
I will see you in my next update.
We have been analyzing BTC in shorter timeframes and we have seen some drastic changes coming in and out of BTC. If we look into the daily timeframe then it gives us a different scenario.
In this daily timeframe chart, I have mentioned all the possible resistance and support levels for BTC. If we look into the chart then we can clearly see that BTC broke out of the falling wedge pattern and is currently showing a retest. The area from where it started rejecting is actually a strong resistance level which we had talked about in our previous post. Now, as BTC is retesting, it could possibly retest up to the support level which is between $39k to $41k, and then it should bounce back. If BTC manages to bounce back then we can expect some higher rallies coming in but still, it'll need to break above the resistance levels mentioned in the chart.
A breakdown below $39k will put BTC into danger and this entire pump will be nothing but a trap. So, it is better to wait in the current situation and stay away from trades.
What is your opinion? Is this a retest or just another trap?
Comment your ideas and do like and follow for more interesting updates.
I will see you in my next update.
