On this BTC update, let's cut to the chase.
Let's discuss the bullish and bearish scenarios:
Bullish scenario:
1. BTC quickly recovered after the fall which is indeed a good sign.
2. BTC is above the moving averages and currently struggling to break the dotted trendline.
3. Once BTC breaks the $63600 resistance level then most likely, it will break its all time high and set a new one.
4. The RSI is moving along with the actual price which is a good thing.
Bearish scenario:
1. In 8 hours timeframe, BTC is forming a rising wedge pattern and according to the pattern, it must fall and reach the lower trendline which is at $50k.
2. The 21 MA and 50 MA are not showing any bullish signs here.
3. BTC is trying hard to break the trendline and also the resistance level. Failing to break above this will drop the price to the $56k level.
Even after a -16% drop from all time high, there is still greed in the market. In my opinion, the fear and greed index will rise up more and take BTC to its ATH and then we may enter extreme fear mode.
Note: This is not a trade setup or financial advice. I am just projecting my analysis and figuring out the possible scenarios.
If you like my content then do press the like button.
Would love to hear your humble opinion as well so do write on the comment section.
Let's discuss the bullish and bearish scenarios:
Bullish scenario:
1. BTC quickly recovered after the fall which is indeed a good sign.
2. BTC is above the moving averages and currently struggling to break the dotted trendline.
3. Once BTC breaks the $63600 resistance level then most likely, it will break its all time high and set a new one.
4. The RSI is moving along with the actual price which is a good thing.
Bearish scenario:
1. In 8 hours timeframe, BTC is forming a rising wedge pattern and according to the pattern, it must fall and reach the lower trendline which is at $50k.
2. The 21 MA and 50 MA are not showing any bullish signs here.
3. BTC is trying hard to break the trendline and also the resistance level. Failing to break above this will drop the price to the $56k level.
Even after a -16% drop from all time high, there is still greed in the market. In my opinion, the fear and greed index will rise up more and take BTC to its ATH and then we may enter extreme fear mode.
Note: This is not a trade setup or financial advice. I am just projecting my analysis and figuring out the possible scenarios.
If you like my content then do press the like button.
Would love to hear your humble opinion as well so do write on the comment section.
