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Welcome to this BTC update. I know it is a very tough time for each of us but remember these tough times are always a big buying opportunity also. First of all, do not panic still we hold an important level of support.
Let's get to the charts first.
BTC is reaching the lower trendline of the parallel channel which is formed in the weekly time frame. BTC holds this channel since the starting of 2021. Every time price came to lower support we have seen a very good bounce in it. I'm expecting the same this time.
Although, we might see some wicks below the channel the important thing to watch out for is the next weekly closing. If next week closes below the channel (30k) then our next main support level is at 19k.
Right now this is the best time to buy BTC and some good Altcoins because the risk is very low here but don't buy with leverage. Buy only on spot. And if the weekly close is below 30k then I'm exiting the market and focusing only on short positions.
What do you think about this? Do you think we get a bounce from here or do you think that it's over for the bulls? Share your views in the comment section.
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