Hello Traders,
Here is a quick update on BTC
Since my post yesterday, BTC broke lower to the Major Support level at $19.5K. If this level fails that will be very Bearish for BTC.
If the Bulls can hold and break above this level, then that is a strong signal for the Bulls and they will have temporary control.
However, If the Bears can break price below this level, the Bears will clearly have control.
This is an important level to keep an eye on.
If the Bulls take control we can potentially expect a rally in the near term.
If the Bears take control we can expect lower levels, possibly back to range lows in the coming weeks.
Also, just a bit of quick education... The more times that price hits a level, the weaker it gets. - Think of it like someone trying to kick a door down, the more times they kick the door the weaker it gets, until eventually, it breaks.
Its the same thing with support and resistance levels.
- As you can see, the $19.5K level has been hit several times, this tells me that its currently in a weaker state and will be harder for the bulls to defend.
Thanks everyone and best of luck trading!
Here is a quick update on BTC
Since my post yesterday, BTC broke lower to the Major Support level at $19.5K. If this level fails that will be very Bearish for BTC.
If the Bulls can hold and break above this level, then that is a strong signal for the Bulls and they will have temporary control.
However, If the Bears can break price below this level, the Bears will clearly have control.
This is an important level to keep an eye on.
If the Bulls take control we can potentially expect a rally in the near term.
If the Bears take control we can expect lower levels, possibly back to range lows in the coming weeks.
Also, just a bit of quick education... The more times that price hits a level, the weaker it gets. - Think of it like someone trying to kick a door down, the more times they kick the door the weaker it gets, until eventually, it breaks.
Its the same thing with support and resistance levels.
- As you can see, the $19.5K level has been hit several times, this tells me that its currently in a weaker state and will be harder for the bulls to defend.
Thanks everyone and best of luck trading!