#BTCUSDT Correction over or was it just a trap?

5 Mar 2022

Welcome to this extensive analysis of Bitcoin.
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Now, let’s get to the chart.
BTC got rejected for the 4th time from the micro resistance channel alonwith the red MA.
Although it didn't break the resistance, the support is still intact.
We can expect a bounce anywhere from the 37.2k to 38.8k range which happens to be the lower support trendline support of the green channel.
So for the time being we can expect a little more downside here. As per the previous chart, the 38k level is an important zone for BTC. It also happens to be the second pivot zone.
BTC needs to get above that blue MA to rally for the fifth time all the way to the green channel resistance.
Break below 37.2k will take us to the 34k-435.5k range which is the legacy trendline support.


Invalidation:- Close below the legacy trendline support.


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#PEACE

5 Mar 2022

Trade aktif

No bullish divergence in lower time frame charts yet.
Expecting a little bit of downside followed by a bounce by the weekly close.