BITCOIN: AT THE SUPPORT LINE.
Hey guys, here's a quick update on BTC. Keep in mind that this is a short-term update so don't compare this with my long tern USDT.D update.
Time frame: 4 hours.
Update: In my previous update, BTC had slight support at 20.5k but we clearly saw that it didn't hold. The daily close on the other hand was around 19.9k which was expected after the breakdown.
Current Scenario: BTC is hitting the 19.5k-19.6k support range. If this is strong support then we can expect a bounce-back soon. Also, we need to keep in mind that BTC is forming a bearish flag pattern which isn't a good sign for the market. We may expect another bounce-back but it may not hold it for long.
Key levels:
19.5k to 19.6k is an important support for BTC.
Conclusion: If BTC bounces back, we will enter long and if BTC breaks down below, we will short the market. I am expecting a short-term bullish rally in the market soon. So, keep your eyes wide open.
Trade safely and as always like, comment, and follow for more.
Thank you.
Time frame: 4 hours.
Update: In my previous update, BTC had slight support at 20.5k but we clearly saw that it didn't hold. The daily close on the other hand was around 19.9k which was expected after the breakdown.
Current Scenario: BTC is hitting the 19.5k-19.6k support range. If this is strong support then we can expect a bounce-back soon. Also, we need to keep in mind that BTC is forming a bearish flag pattern which isn't a good sign for the market. We may expect another bounce-back but it may not hold it for long.
Key levels:
19.5k to 19.6k is an important support for BTC.
Conclusion: If BTC bounces back, we will enter long and if BTC breaks down below, we will short the market. I am expecting a short-term bullish rally in the market soon. So, keep your eyes wide open.
Trade safely and as always like, comment, and follow for more.
Thank you.
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