Hello everyone, if you like the idea, do not forget to support with a like and follow.
Here is a quick update on BTC. BTC currently trading above 49k. It made a decent upside move from the starting of Uptober (October) month. Now BTC facing a big psychological resistance which is at 50k. Le's see what the chart says.
According to the chart, I expect some retracement from here. Why am I expecting a retracement? Because the RSI shows a bearish divergence and also volume is decreasing. So I expect BTC price may come to $47,500 or even 45k and a quick bounce from there is highly likely.
Also according to the fear and greed index, we are in the greed zone now. So "be fearful when everyone is greedy and be greedy when everyone is fearful."
But if we manage to break and close above the 50k then my next short-term target is 53k. So keep a close eye on the 50k level and avoid high leverage trading as of now.
Do appreciate with your likes and support. It motivates me to work more.
This isn't financial advice. DYOR before investing.
@ghorbanis437, There is still some resistance at $50,500-51k. If we manage to break and hold above this then the next short-term target is 53k. If we were not able to break then a correction is occurred.
Izzezad
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hidden bullish divergence?
CoreCrypto1
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@Izzezad, Hidden bullish divergence occurs when the price is making higher lows and rsi is making lowe lows. So in the current scenario, it looks like a clear bearish divergence rather than a hidden bullish divergence. Thank you.
Izzezad
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@CoreCrypto1, thanks u, i expecting 45k but dont seem like it will happen. most likely toward 47k. did u know bout debt ceiling? what say u?wht u expecting to btc price?
CoreCrypto1
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@Izzezad, First of all, thanks for your support. Yeah maybe we don't see 45k but we have to be ready for every scenario. And yes I read some articles about the debt ceiling although I don't know much and yeah it impacts very badly on the crypto market. If it happens then we may see a big crash but I don't think this happens in 2021.