BTCUSDT has been forming a rising wedge pattern which is a bearish-biased pattern. On May 10, 2021, it breakout downward and took 2 days to retest the previous support to turn it into resistance.
We can also spot Bearish Divergence in the price pattern and RSI.
Well, Elon Musk's tweet boosted the bearish price action liquidating billion dollar worth of trades.
Additionally, I'm optimistic about BTC as it has touched a 21-week moving average after about 7 months. If it somehow breaks this huge strong support, 42k levels are the next stops.
If BTC bounces back from this important support level, it will take at least 48 hours.
- Muneeb
We can also spot Bearish Divergence in the price pattern and RSI.
Well, Elon Musk's tweet boosted the bearish price action liquidating billion dollar worth of trades.
Additionally, I'm optimistic about BTC as it has touched a 21-week moving average after about 7 months. If it somehow breaks this huge strong support, 42k levels are the next stops.
If BTC bounces back from this important support level, it will take at least 48 hours.
- Muneeb
