IMPORTANT UPDATE!!! IS IT A FALL FOR BTC OR IS IT JUST A RETEST?
Hello guys,
BTC is at a critical juncture and we could see a fall in BTC soon.
On 8th Oct 2020, BTC broke above the 50 D MA in a daily chart, and since then it never went below that MA. It is also interesting to see that this is the 3rd time BTC is falling big and this time it's different.
Here is the reason why it is different this time. In any trend whether it is bullish or bearish, it is important for a chart to form a pattern in order to continue the trend. BTC was forming a higher high and higher low pattern but now it has formed a lower low which indicates a bearish scenario or you can say a trend reversal. This moment right here is not good for BTC.
If we only look at the patterns then BTC is bearish and it could go down to $45k which is the 1st support level for BTC. On the other hand, we still have hope and that hope is the 50 D MA (which is at a $51k support level). If we pay attention to the 50 D MA in the daily chart then we'll notice that BTC has always bounced back from the 50 D MA.
This is it if BTC breaks the $51k support level then $45k will be the next support level and that will confirm the trend reversal.
BTC is at a critical juncture and we could see a fall in BTC soon.
On 8th Oct 2020, BTC broke above the 50 D MA in a daily chart, and since then it never went below that MA. It is also interesting to see that this is the 3rd time BTC is falling big and this time it's different.
Here is the reason why it is different this time. In any trend whether it is bullish or bearish, it is important for a chart to form a pattern in order to continue the trend. BTC was forming a higher high and higher low pattern but now it has formed a lower low which indicates a bearish scenario or you can say a trend reversal. This moment right here is not good for BTC.
If we only look at the patterns then BTC is bearish and it could go down to $45k which is the 1st support level for BTC. On the other hand, we still have hope and that hope is the 50 D MA (which is at a $51k support level). If we pay attention to the 50 D MA in the daily chart then we'll notice that BTC has always bounced back from the 50 D MA.
This is it if BTC breaks the $51k support level then $45k will be the next support level and that will confirm the trend reversal.
BTC is back on track.