BTC DUMP OVER OR MORE YET TO COME?
Hello everyone, Welcome to this new BTC update. If you are reading my updates for the first time then do follow me for more quality content. In my previous posts, I already warned you about this dump (link of my previous BTC update given below) but now the question is "This dump is over, or is still some fuel left?
Let's get to the chart. Currently, BTC is trading at $44k and this $44k becomes a resistance now which is support previously. If BTC is able to break this support then we can see $45,500 in the short term. If BTC is unable to break this resistance then the price can revisit $42,500.
IMO we can see some short-term upside movement but eventually, we fall to the $38-$40k level in the upcoming days. Why am I saying this? Because right now there are several Fud is spreading in the market like the recent Evergrande fud. China's Evergrande stock price is 90% down and the whole market is panicking. So maybe this will affect the price of bitcoin in the near future.
So what should we do now? Do not hold your leverage positions for the long term. Get in and get out. Profit booking is the best strategy in these types of market conditions.
Maybe I could be wrong about it. But it's better to be safe than to be sorry later.
What do you think about this? Do you think this dump is over?
If you like this idea then hit the like button. Also, share your views in the comment section.
This is not financial advice. DYOR before investing.
Thank you.
Let's get to the chart. Currently, BTC is trading at $44k and this $44k becomes a resistance now which is support previously. If BTC is able to break this support then we can see $45,500 in the short term. If BTC is unable to break this resistance then the price can revisit $42,500.
IMO we can see some short-term upside movement but eventually, we fall to the $38-$40k level in the upcoming days. Why am I saying this? Because right now there are several Fud is spreading in the market like the recent Evergrande fud. China's Evergrande stock price is 90% down and the whole market is panicking. So maybe this will affect the price of bitcoin in the near future.
So what should we do now? Do not hold your leverage positions for the long term. Get in and get out. Profit booking is the best strategy in these types of market conditions.
Maybe I could be wrong about it. But it's better to be safe than to be sorry later.
What do you think about this? Do you think this dump is over?
If you like this idea then hit the like button. Also, share your views in the comment section.
This is not financial advice. DYOR before investing.
Thank you.
Trade active:
Accuracy as it's best. As I told you this dump is not over yet. BTC touched support 2 and bounced from there. Now let's see it will come down to to touch our last support or not.
