BTC: A PERFECT BOUNCE BUT IS IT ENOUGH?
Welcome members to this long-awaited update on BTC. My name is Dexter and I am here with this exclusive update on BTC.
First of all, if you are viewing my post for the first time then do not forget to like and follow. I share updates on the crypto market including margin trading, futures, spot, and scalping. All ideas are my biased opinion and I invest at my own risk. I don't force anyone to buy or sell, I simply share my ideas absolutely for free and it is your sole decision whether to trade on them or use them to understand the market.
In my previous post back on April 12, I clearly mentioned the 38k support level and the possibility that BTC could drop. Now, according to the chart, BTC dropped up to $38550 which is the exact level we have a supporting trendline. A bounce has already taken place after the drop but is it enough to rally the price back to 44k or even higher than that?
To confirm whether this is the level from where BTC will bounce back, we need to consider some of the following points.
1. The 21 MA: The 21 MA in 12 hours TF has proven to be strong resistance for BTC. As you can see in the chart that how the 21 MA has been pushing the price down. A breakout above the 21 MA is a good indication of a higher rally.
2. The Lower Trendline: BTC has managed to bounce back from the support line drawn at the bottom. This is the exact trendline from where BTC has always bounced back.
3. The RSI: The RSI is making a bullish divergence in recent times.
Conclusion: There is a good possibility that BTC will rally higher. We still have around 6 hours left for the daily candle to close and I am expecting a rally towards
42K to 44k soon. I have started accumulating some altcoins on the spot.
My invalidation point will be 36k. If BTC goes below this level then I will exit all my trades. Until then accumulate.
What do you think about the BTC price?
Do let me know.
Like and comment.
Thank you.
First of all, if you are viewing my post for the first time then do not forget to like and follow. I share updates on the crypto market including margin trading, futures, spot, and scalping. All ideas are my biased opinion and I invest at my own risk. I don't force anyone to buy or sell, I simply share my ideas absolutely for free and it is your sole decision whether to trade on them or use them to understand the market.
In my previous post back on April 12, I clearly mentioned the 38k support level and the possibility that BTC could drop. Now, according to the chart, BTC dropped up to $38550 which is the exact level we have a supporting trendline. A bounce has already taken place after the drop but is it enough to rally the price back to 44k or even higher than that?
To confirm whether this is the level from where BTC will bounce back, we need to consider some of the following points.
1. The 21 MA: The 21 MA in 12 hours TF has proven to be strong resistance for BTC. As you can see in the chart that how the 21 MA has been pushing the price down. A breakout above the 21 MA is a good indication of a higher rally.
2. The Lower Trendline: BTC has managed to bounce back from the support line drawn at the bottom. This is the exact trendline from where BTC has always bounced back.
3. The RSI: The RSI is making a bullish divergence in recent times.
Conclusion: There is a good possibility that BTC will rally higher. We still have around 6 hours left for the daily candle to close and I am expecting a rally towards
42K to 44k soon. I have started accumulating some altcoins on the spot.My invalidation point will be 36k. If BTC goes below this level then I will exit all my trades. Until then accumulate.
What do you think about the BTC price?
Do let me know.
Like and comment.
Thank you.
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