BTC is currently holding above horizontal and ascending channel support. A formation of 2nd bottom is also expected here.
BTC took all the liquidity above point of control and MA50 and we have seen a sharp move down towards support after that.
A lot of new positions has also been opened after breakout of MA50 and point of control.
So, BTC trapped new long position and currently hunting their stop losses after hunting stop losses of short positions.
New liquidity has been created below horizontal support and an upward move is expected from here.
A successful breakdown of ascending channel will only confirm further correction in the market.
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- Med Signals®