BTC UPDATE!!! A CORRECTION OR A STEP BACK TO JUMP HIGHER???
Hello folks,
Welcome to this another important update on BTC price in 4 hours timeframe.
Thank you for being so supportive. It’s an honor to serve you guys with quality content.
Is this the correction we all have been waiting for or is it just a small retest to bounce back higher?
Well, that's the question we all have in our minds right now. But before jumping to a conclusion, let us observe the technical aspects of the market.
BULLISH:
Observation 1: BTC bouncing right from the 50 MA which is strong support.
Observation 2: We are still above the two strong support levels ($50k and $53k) and as long as we are above these levels, I personally am bullish.
Observation 3: According to the daily chart, BTC has not yet reached the $59k resistance level which shows a possibility that it may still try to reach there.
BEARISH:
Observation 1: The RSI and the actual chart is making a bearish divergence.
Observation 2: BTC has formed a falling wedge pattern and in order to respect the pattern, it must break down from the current or from the $59k resistance level which may eventually drop the price back to $45k.
Observation 3: A correction is long-awaited on BTC price action.
Now, after observing both aspects, my conclusion is:-
1. As long as BTC is above the 50 MA support, I am bullish.
2. Breaking down below the $50k level will be bearish for BTC.
What do you think about the BTC price move?
Do you think it'll break above the $59k resistance level???
Do you think BTC could show some correction?
Do hit the like button and share your views.
Every single likes and comment are highly appreciated and it motivates me to post more quality updates.
See you guys soon with a new update.
Welcome to this another important update on BTC price in 4 hours timeframe.
Thank you for being so supportive. It’s an honor to serve you guys with quality content.
Is this the correction we all have been waiting for or is it just a small retest to bounce back higher?
Well, that's the question we all have in our minds right now. But before jumping to a conclusion, let us observe the technical aspects of the market.
BULLISH:
Observation 1: BTC bouncing right from the 50 MA which is strong support.
Observation 2: We are still above the two strong support levels ($50k and $53k) and as long as we are above these levels, I personally am bullish.
Observation 3: According to the daily chart, BTC has not yet reached the $59k resistance level which shows a possibility that it may still try to reach there.
BEARISH:
Observation 1: The RSI and the actual chart is making a bearish divergence.
Observation 2: BTC has formed a falling wedge pattern and in order to respect the pattern, it must break down from the current or from the $59k resistance level which may eventually drop the price back to $45k.
Observation 3: A correction is long-awaited on BTC price action.
Now, after observing both aspects, my conclusion is:-
1. As long as BTC is above the 50 MA support, I am bullish.
2. Breaking down below the $50k level will be bearish for BTC.
What do you think about the BTC price move?
Do you think it'll break above the $59k resistance level???
Do you think BTC could show some correction?
Do hit the like button and share your views.
Every single likes and comment are highly appreciated and it motivates me to post more quality updates.
See you guys soon with a new update.