BTC followed the scenario 2 and extended to almost 19.8k making a new high.
The ATH ended up with a wick so far and currently we are seeing a candle in formation which is basically a reversal candle.
I am still expecting a correction and scenario 2 is possibly in play.
1. Break and close above the 19.6k level.
2. Trading inside the blue channel.
If this happens we can see an extended PA almost to 20.3k level.
FOR NOW LET'S WAIT FOR THE DAILY CLOSE.
I WILL KEEP THIS CHART UPDATED.
THE MONTHLY CANDLE CLOSES TONIGHT AND THIS WILL BE A GOOD CLOSE IMHO.
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Thanks for reading
Only the 21D MA Crossing over the 50D MA is a bullish.
Though the price is still unable to enter the channel.
Price is still getting rejected from the the channel resistance.
I'll keep a track on this.
Strong fight between the bulls and the bears in play.
Let's see how this ends.
I still think rejection is likely.
Strong pump till 19917 and a dump to 18900.
The dip was bought up so quickly!
Bulls are undoubtdly strong here.
Drop started, 18.3k should be the level from which it should bounce back above 19k.
BTC bounced exactly as speculated from 18.3k level.
In some exchanges low was around 18.1k for the day.
In this chart I want you to look at the wicks in the yellow boxes.
Wicks are MOMENTUM BUYERS AND SELLERS.
When you see the wicks at the top it means there is a selling pressure and when you see there are wicks at the bottom, it simply means there is a strong buying pressure in the chart.Remember, longer the wick higher the momentum.
So the momentum is shifting towards buyers in the short term.There's a lot of buying pressure in the lower time frames though the volume is low.The upper trendline of the channel touches the 20.3k to 20.6k level this is why I think BTC could reach there making a tripple top.
We will wait for the daily close now and see if the price reclaims a close above the 19k level. If that happens we can see btc again trying to break the 20k level.
You can see there isn't any resistance above 20k so it can go up a bit more.
Though people are thinking of moon right now a surprise correction is inevitable.
CONCLUSION : BTC will correct soon it's just that more and more late longs are being trapped. Be cautious.
Thank you for your support so far.
Do hit the like button if you like this idea and share your views in the comment section.
Keep supporting it's because of you I spend so much time here answering your questions and posting spot on BTC updates which can help you to make better trade decisions on margins futures and even on spot.
BTC Weekly Chart : You see this weekly chart? I don't see it closing above 19891 in the next few hours.
Though this BTC and anything is possible!
We might need to wait for one more week.
The green box is the untested territory. We haven't seen a retracement in this area yet so sooner or later that one is coming for sure.
Will post multiple Time frame charts tomorrow.
Nothing to be worried here. Stay calm and hold your positions in USDT ALTS AND BTC.
your precious updates help me feel good and better understanding for final decision to buy or wait more. :)