After two bearish candles, Bitcoin indicated a possible rejection. While we observed rejection in the lower time frames (LTF), the weekly chart reversed the entire scenario. Bitcoin transformed the bearish red candle into a green one, leaving a long lower shadow, and opening a new candle above 42k. This indicates some positivity in the market and the potential for BTC to bounce back to 47k.
The support and resistance levels will remain the same for both the weekly and daily charts. It is always better to keep the worst-case scenario in mind; in this case, 30k is the worst-case scenario, and a breakdown below 37k will likely be a red alert.
Note: A correction still awaits before the halving.
Do your own research before investing because this isn't financial advice.
Thanks, Team Dexter.
Comment
⋅
As I mentioned in my weekly update, #BTC is likely to make a positive move, and here we are, from FWB:42K to 43.7k in the last 12 hours. Currently, BTC has a 44k resistance to face before getting any higher. Once we see a breakout and close confirmation above 44k, we’ll see BTC experience a good rally toward 47k. A failure to break the 44k resistance will likely reject Bitcoin back to 40k.
That’s it for now, guys. I hope you find it helpful.
Regards, Team Dexter.
Comment
⋅
#BTC Daily Update:
BTC is still struggling to break the 44k resistance. As mentioned before, BTC needs a daily close above 44k for a higher rally. Until then, the danger of rejection will continue to hover around. Soon, I'll be uploading a video in the weekly timeframe, so stay tuned.