Hello guys and welcome to my new update on BTC. For today's analysis, I am gonna use 12 hours time frame to get clear support and resistance levels.
If you are viewing my post for the first time then do not forget to follow.
We saw some interesting rallies on BTC and the entire market in the last 3-4 days. Now, there's no sign of retracement yet and things are getting more skeptical. In order to have a clear picture, let us classify some key points here.
1. Resistance 1 ($47750): BTC has recently reached the $47k level but facing some resistance at $47750. This is going to be an important level cause if BTC breaks above this resistance 1 then $52k could possibly be the next target. A rejection on the other hand could be a danger for the market.
2. The daily/weekly close: The daily/weekly close was at $46950 which is good for the market and if BTC manages to stay above the white trendline then we may see a higher rally.
3. The RSI: The RSI is in the overbought zone but still there is no sign of bearish divergence yet.
Conclusion: BTC has not shown any retracement yet so let's be careful cause the retracement may hit all of a sudden and you won't even know. The best thing you can do now is scalping. Play the in and out game with small capital. Make some quick $$$ and get out.
Let me know what you think about the current market scanrio.
If you are viewing my post for the first time then do not forget to follow.
We saw some interesting rallies on BTC and the entire market in the last 3-4 days. Now, there's no sign of retracement yet and things are getting more skeptical. In order to have a clear picture, let us classify some key points here.
1. Resistance 1 ($47750): BTC has recently reached the $47k level but facing some resistance at $47750. This is going to be an important level cause if BTC breaks above this resistance 1 then $52k could possibly be the next target. A rejection on the other hand could be a danger for the market.
2. The daily/weekly close: The daily/weekly close was at $46950 which is good for the market and if BTC manages to stay above the white trendline then we may see a higher rally.
3. The RSI: The RSI is in the overbought zone but still there is no sign of bearish divergence yet.
Conclusion: BTC has not shown any retracement yet so let's be careful cause the retracement may hit all of a sudden and you won't even know. The best thing you can do now is scalping. Play the in and out game with small capital. Make some quick $$$ and get out.
Let me know what you think about the current market scanrio.
