Welcome to this quick Update, everyone. If you are reading my updates for the first time do follow me to get more complex charts in a very simplified way. I also post altcoin setups on Spot, Margin, and Futures.
Let's get straight to the chart.
BTC is currently holding the support level at 200D MA. About 200D MA:- The 200-day moving average is represented as a line on charts and represents the average price over the past 200 days or 40 weeks. The moving average can give traders a sense regarding whether the trend is up or down, while also identifying potential support or resistance areas. So by definition as long as the price stays above the 200D MA BTC is still in an uptrend.
I know it looks bearish in LTF but this is exactly what can be seen in the charts! 50D MA is also moving around $44672. We can see some wicks in that area.
IMHO BTC is likely to hit the 49k mark as long as 200D on Daily holds.
CLOSE BELOW TEH 200 DAILY MOVING AVERAGE (46.5K) WILL INVALIDATE THIS CHART.
What's your thought on this?
Do you think this correction is over? Do you think BTC could easily pump from here?
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Thank you
#PEACE
Comment
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BTCUSDT: Bitcoin is holding the support so far. The price bounced right from the support multiple times. Daily close held the 200D MA support. In the short term, We could probably see some wicks below the mid 45ks. Any daily close below the 200D MA could be hazardous for the market. As long as this support holds and BTC moves sideways, Altcoins could move positively.
Trade active
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BTC Testing the lower support trendline again. This is the second time BTC is testing this support. Because of this BTC drama, Leveraged Trades are being avoided.