Bitcoin is currently hovering around $49000 and which is also the most important level to hold if we see the weekly candles. It took about 210 days, with a volume of 1.062 Trillion, from the last ATH to create a new ATH on 8th November 2021.
We saw the price drop till $41k, but it quickly rebounded up till $48K which is an important level to hold.
RSI was about to enter the overbought zone when it made a new ATH, but a correction was in the cards. RSI is still trading at 48, and if we see enough volume in the coming weeks, it could see an upward move and breach 50 - 55 level, before trying to go into the overbought region again. MACD Line crossed down the signal line and the MACD histogram is below zero, however if we see enough buying in the coming weeks it could reverse the direction.
On the other hand, if BTC is not able to hold the current price level, it could see the price reach till $37K, or down till $27k.
Keep monitoring the market for 3 to 4 weeks and trade accordingly.
Make use of proper risk management and never risk more than what you can afford to lose.
Always do your own research before entering any trade.
Happy Trading!!
We saw the price drop till $41k, but it quickly rebounded up till $48K which is an important level to hold.
RSI was about to enter the overbought zone when it made a new ATH, but a correction was in the cards. RSI is still trading at 48, and if we see enough volume in the coming weeks, it could see an upward move and breach 50 - 55 level, before trying to go into the overbought region again. MACD Line crossed down the signal line and the MACD histogram is below zero, however if we see enough buying in the coming weeks it could reverse the direction.
On the other hand, if BTC is not able to hold the current price level, it could see the price reach till $37K, or down till $27k.
Keep monitoring the market for 3 to 4 weeks and trade accordingly.
Make use of proper risk management and never risk more than what you can afford to lose.
Always do your own research before entering any trade.
Happy Trading!!
Comment:
Moving towards the immediate support.