Hello Traders. I hope everything is going well.
Today I want to talk about BTC. As we all saw, BTC broke out the rising wedge downwards and that was why we saw a massive dump in an hour.
At this time right now, BTC is forming a descending triangle which you can see at 4H chart. Descending triangle mostly pushes the price down so the
price MIGHT break down the 50K-53K support area and the next support level would be around 47K and then strong support around 43K. Also the target for
breaking down the rising wedge is around 43K too. So for now, BTC looks bearish at short term. But what causes the price to actually come back and does not
go lower to 43K level?
Well my friends for this scenario to happen, first the price HAS TO break the descending triangle upwards. That is the first step. Then the price has to
actually come and break the pink descending line and then you can consider that the correction is over. So guys be careful in your trades and always put
stop loss because if BTC drops, then altcoins would follow too.
Thank you guys for reading my idea on BTC and don`t forget to comment what you think. ✌
Today I want to talk about BTC. As we all saw, BTC broke out the rising wedge downwards and that was why we saw a massive dump in an hour.
At this time right now, BTC is forming a descending triangle which you can see at 4H chart. Descending triangle mostly pushes the price down so the
price MIGHT break down the 50K-53K support area and the next support level would be around 47K and then strong support around 43K. Also the target for
breaking down the rising wedge is around 43K too. So for now, BTC looks bearish at short term. But what causes the price to actually come back and does not
go lower to 43K level?
Well my friends for this scenario to happen, first the price HAS TO break the descending triangle upwards. That is the first step. Then the price has to
actually come and break the pink descending line and then you can consider that the correction is over. So guys be careful in your trades and always put
stop loss because if BTC drops, then altcoins would follow too.
Thank you guys for reading my idea on BTC and don`t forget to comment what you think. ✌
Trade closed manually:
43K reached
