Hello traders, I hope you guys are enjoying your weekend. Here's a quick update on BTC in a lower timeframe.
Timeframe: 6 hours.
Update: In my previous daily TF update, I mentioned $23150 as a slight resistance that BTC has already crossed and so far it is still above it.
Current scenario: In this 6-hour TF, BTC has not yet broken above the resistance trendline. It showed some small fakeout but the daily close dropped the price inside the trendline. According to this chart, a bullish rally towards $28k won't get approved unless BTC breaks and closes above the trendline. Until then, the chances of breaking down still continue.
Key level: $24k resistance level.
Conclusion: To continue a bullish rally BTC must stay above the $23k level after the weekly close.
Let me know what you guys think about the market. I would like to know your opinion.
Thank you and have a great hour ahead.
Timeframe: 6 hours.
Update: In my previous daily TF update, I mentioned $23150 as a slight resistance that BTC has already crossed and so far it is still above it.
Current scenario: In this 6-hour TF, BTC has not yet broken above the resistance trendline. It showed some small fakeout but the daily close dropped the price inside the trendline. According to this chart, a bullish rally towards $28k won't get approved unless BTC breaks and closes above the trendline. Until then, the chances of breaking down still continue.
Key level: $24k resistance level.
Conclusion: To continue a bullish rally BTC must stay above the $23k level after the weekly close.
Let me know what you guys think about the market. I would like to know your opinion.
Thank you and have a great hour ahead.
BTC Update:
Bitcoin is falling down as expected. We might have small support ranging between $21.6k to $22k. BTC must hold this support if not then $20.5k could be the range.