Hello guys, a quick update on BTC in a lower timeframe.
Recently, we saw a nice 9% jump in the market and after every jump a retracement is necessary. The current rejection from the resistance level looks okay to me and we can expect BTC to hold the $17.3k to $17k level and then another rally back to $18k. So far, BTC is maintaining the rising wedge pattern and if it continues to do so, we may see some positive moves in the market.
Invalidation point: $17k.
Note: This chart analysis is based on a lower timeframe so do not consider it for a long-term investment.
That's it from my end. Trade safely.
Recently, we saw a nice 9% jump in the market and after every jump a retracement is necessary. The current rejection from the resistance level looks okay to me and we can expect BTC to hold the $17.3k to $17k level and then another rally back to $18k. So far, BTC is maintaining the rising wedge pattern and if it continues to do so, we may see some positive moves in the market.
Invalidation point: $17k.
Note: This chart analysis is based on a lower timeframe so do not consider it for a long-term investment.
That's it from my end. Trade safely.
BTC Update:
BTC failed to move as expected. The recent breakdown below the supporting trendline has brought BTC to a critical scenario. Although there is still a chance for BTC to bounce back from the $16.8k support level. With RSI in the oversold range, we can expect a bounce back on BTC anytime soon.
Key points:
1. $16.8k new support level.
2. RSI at oversold range.
3. Breakdown and close below $16.8k= Invalidation.
Trade safely.