The weekend started horribly wrong for BTC. A -13% drop on a single day is no joke. Two different scenarios both bullish and bearish within the last 24 hours.
Looking into the current situation, BTC is holding good support at the $37700 level which is a crucial point for BTC. If this support level breaks down then we may see BTC dropping as low as $34k. A bounce on the other hand will be a relief for time being.
My biased is on the sideways. I believe that we may see a side-way move forming a parallel channel. But if the market drops then $34k to be the next support and if the market pumps then $40k will be the resistance.
Let the market decide where the next move will be.
Stay safe and trade safely.
Looking into the current situation, BTC is holding good support at the $37700 level which is a crucial point for BTC. If this support level breaks down then we may see BTC dropping as low as $34k. A bounce on the other hand will be a relief for time being.
My biased is on the sideways. I believe that we may see a side-way move forming a parallel channel. But if the market drops then $34k to be the next support and if the market pumps then $40k will be the resistance.
Let the market decide where the next move will be.
Stay safe and trade safely.
