Welcome to this quick Update, everyone. If you are reading my updates for the first time do follow me to get more complex charts in a very simplified way. I also post altcoin setups on Spot, Margin, and Futures.
On weekends volume is low. BTC reached 49.8k but couldn't breach the 50k mark. What's really interesting is the price is holding the 48k level. As long as this level holds a rally towards 51k is highly likely. I expect 2 scenarios here to play out till Monday. I have shown in the chart. Once we hit that 51k mark a correction is likely. My thought is if BTC hits that level by tomorrow better close your long positions and expect a bloody Monday.
Please observe. What's your thought on this?
Do you think BTC will start its correction from here?
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Following the path so far. 21 MA is the only savior here. Once we close below this level expect 44k to 47k level to be tested. Avoid margin trading. And start accumulating your favourite altcoins or the ones I will be recommending this week on spot.