If you are bullish medium and long term, buying BTC around $40k is a good entry and you may have another opportunity to buy BTC at this level soon. As you can see the price is falling towards our support, again.
However, before you pull the trigger, do pay close attention to the price action at support, you don't want to buy and then see how BTC falls more.
It is crucial we set a higher low again (see yellow arrows), if for any reason price falls under our previous low of $40,808, then you need to be careful as that may be a first clue BTC wants to fall lower.
We have good support above $38k and I don't see us go lower than that. Any break of this key support would be a bit of a red flag to any bullish bias long term.
Indicators are also bearish in the short/medium term, so expect more choppy price action between support and resistance until we escape this region.
Bias remains bearish short term and I expect us to bounce off support and eventually escape this structure with a nice pump. We will re-assess then.
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However, before you pull the trigger, do pay close attention to the price action at support, you don't want to buy and then see how BTC falls more.
It is crucial we set a higher low again (see yellow arrows), if for any reason price falls under our previous low of $40,808, then you need to be careful as that may be a first clue BTC wants to fall lower.
We have good support above $38k and I don't see us go lower than that. Any break of this key support would be a bit of a red flag to any bullish bias long term.
Indicators are also bearish in the short/medium term, so expect more choppy price action between support and resistance until we escape this region.
Bias remains bearish short term and I expect us to bounce off support and eventually escape this structure with a nice pump. We will re-assess then.
Like and follow if you liked this idea!
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