The Current Support of 42K Is a good one that will lead to 54k to 56k Bounce here but before that bounce expect a leg down to retest the support of this 42k support area but this time we will see a slight change in the market structure as the bulls will print a possible higher low. So here is what I see playing out here We are likely to see some kind of sideways movement at the current support area so expect to still get a pullback to 43500k to 42800 zone to print a higher low on 4hrs timeframe, If the bulls successful print this higher low on 4hrs then expect their next move to hit 54k to 56k resistance area. We we are likely to see a strong rejection to that will Push BTC Bulls down to 40k to 38k, worst case 36k.
WHAT DO I THINK WILL BE THE ALTCOINS REACTION TO THIS INCOMING BOUNCE ON BTC? I see Majority of altcoins recovering faster than BTC example is XRP on the current bounce but I do see the next BTC rejection at the 54 to 58k resistance can cause serious trouble for the altcoins
This is no financial advice so do your diligent research . Thank you for you Time, Happy trading🦍.