BITCOIN WEEKLY UPDATE: STILL HOLDING THE SUPPORT!
Hello traders, I hope you all are doing good. Welcome to this weekly update on BTC. I am going to keep things easy and simple.
Timeframe: 1 week.
Update: Ever since the $17.6k drop, BTC couldn't rally above $25.2k. The rejection from the $25.2k brought the price back to the $19k support level. Basically, we have two clear scenarios in front of us.
1. BTC will continue to hold the $19k support level and bounce back.
2. BTC will break down and fall towards the $12k support level.
RSI: The RSI is under the oversold zone. Technically, the previous RSI low is still lower than the current RSI low which is a positive sign. But if we see a drop incoming then I would expect a double bottom formation in RSI and then a big pump.
Conclusion: Until and unless BTC maintains the support 1 level, we can expect some good rallies soon. If not then we better be prepared to buy BTC at a discounted rate.
What's your idea on this? Do let me know in the comments.
Thank you for reading this idea. Keep on supporting me with your valuable likes and comments.
Trade safely.
Timeframe: 1 week.
Update: Ever since the $17.6k drop, BTC couldn't rally above $25.2k. The rejection from the $25.2k brought the price back to the $19k support level. Basically, we have two clear scenarios in front of us.
1. BTC will continue to hold the $19k support level and bounce back.
2. BTC will break down and fall towards the $12k support level.
RSI: The RSI is under the oversold zone. Technically, the previous RSI low is still lower than the current RSI low which is a positive sign. But if we see a drop incoming then I would expect a double bottom formation in RSI and then a big pump.
Conclusion: Until and unless BTC maintains the support 1 level, we can expect some good rallies soon. If not then we better be prepared to buy BTC at a discounted rate.
What's your idea on this? Do let me know in the comments.
Thank you for reading this idea. Keep on supporting me with your valuable likes and comments.
Trade safely.
