Hello Friends,
Since, most of crypto world is under panic because of BTC right now, I decided to put out a support level guide for all of you out there with some crucial support levels and patterns for BTC.
Lets dig straight into it. I always try to explain the charts in simple terms, so people who are new to this also understands.
As we can see in the chart, BTC is currently moving in a big blue triangle on the daily chart, and within that triangle, it had formed a few more patterns.
Currently as we see on the chart, BTC is in a falling red wedge. If it break the wedge downwards and closes the daily candle outside, we are going down to the next support levels.
Since the bears are heavy right now, I think we might get a bounce from around 7791 - 7895 Support levels.
I have drawn some horizontal support levels for y'all as well. Follow it closely, and plan your trades accordingly.
It is actually a good thing that BTC touches 7900 because I feel by then the bears will be weak, and we will have more power to push the 9K - 10K mark.
Besides the triangles and the horizontal support levels, we can also see the MACD, DMI and RSI all pointing downwards on the daily chart.
I hope you understood the graph and what I am trying to explain here. Also welcome to join my telegram group or channel mentioned below in my signature if you have any questions, or would like to join our community in discussions.
I will keep you all updated with this. Be safe as we might see some alts dipping meanwhile. But, we need to be ready to buy some alts for cheap pretty soon.
Happy Trading!
Since, most of crypto world is under panic because of BTC right now, I decided to put out a support level guide for all of you out there with some crucial support levels and patterns for BTC.
Lets dig straight into it. I always try to explain the charts in simple terms, so people who are new to this also understands.
As we can see in the chart, BTC is currently moving in a big blue triangle on the daily chart, and within that triangle, it had formed a few more patterns.
Currently as we see on the chart, BTC is in a falling red wedge. If it break the wedge downwards and closes the daily candle outside, we are going down to the next support levels.
Since the bears are heavy right now, I think we might get a bounce from around 7791 - 7895 Support levels.
I have drawn some horizontal support levels for y'all as well. Follow it closely, and plan your trades accordingly.
It is actually a good thing that BTC touches 7900 because I feel by then the bears will be weak, and we will have more power to push the 9K - 10K mark.
Besides the triangles and the horizontal support levels, we can also see the MACD, DMI and RSI all pointing downwards on the daily chart.
I hope you understood the graph and what I am trying to explain here. Also welcome to join my telegram group or channel mentioned below in my signature if you have any questions, or would like to join our community in discussions.
I will keep you all updated with this. Be safe as we might see some alts dipping meanwhile. But, we need to be ready to buy some alts for cheap pretty soon.
Happy Trading!
Comment:
BTC is still holding pretty well in the red falling wedge. Expect a little bounce here as we are on the support of the wedge. If we break it then we shall eye for the next support levels.
Comment:
BTC approaching the Blue support line slowly. Hopefully it should be an end to this blood bath once it hits the support.