Hello traders, I hope you all are doing good. There's a lot happening in the market today. In a lower timeframe, the market is completely messed up but in a higher timeframe, you can see a crystal clear scenario.
Timeframe: 12 hours.
Update: After the daily close, we saw a sudden drop of -5.45% ($19174 to $18131), and right after the drop, a quick comeback of 6% ($18131 to $19225). The drop helped some wise traders to get into BTC at around 18k. For quite some time, BTC has been following both the support and resistance trendline in a disciplined manner. We can expect BTC to reverse the trend but only if we see a breakout above the upper trendline i.e., at 20.2k.
BTC still looks under control in this 12 hours chart and until & unless it is above the support level, we are good to go.
Note: The 12 hours chart is completely different from the 3 hours or 4 hours chart.
I hope this idea is helpful to you all. Trade safely.