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Welcome to this quick update on Bitcoin. First of all, don't be panic. we are still in a bull market this is just a normal and healthy correction.
Now let's get to the chart. BTC is forming a rising wedge channel in 4hr timeframe and trading inside it. If any 4hr candle closes below this channel then we may see some more correction in the price of BTC.
Currently, BTC broke down this channel but we should wait for the candle to close. There is still 1hr45minutes left for the closing in 4hr candle and IMO BTC must bounce from here.
If it does not bounce from here and broke down this channel then we see more dump in the market. So keep an eye on the next support levels and do not take any leverage trade till then we can't get any confirmation.
Support levels:- $60k, $56k, $49k
ALTS UPDATE:- BTC.D showing some rejection from the 48 level and ALTS has some brief rally especially in the BTC pair. I'll soon update the BTC.D chart and also some good Altcoins in BTC pair which gave us great profit in the upcoming bull run.
Welcome to this quick update on Bitcoin. First of all, don't be panic. we are still in a bull market this is just a normal and healthy correction.
Now let's get to the chart. BTC is forming a rising wedge channel in 4hr timeframe and trading inside it. If any 4hr candle closes below this channel then we may see some more correction in the price of BTC.
Currently, BTC broke down this channel but we should wait for the candle to close. There is still 1hr45minutes left for the closing in 4hr candle and IMO BTC must bounce from here.
If it does not bounce from here and broke down this channel then we see more dump in the market. So keep an eye on the next support levels and do not take any leverage trade till then we can't get any confirmation.
Support levels:- $60k, $56k, $49k
ALTS UPDATE:- BTC.D showing some rejection from the 48 level and ALTS has some brief rally especially in the BTC pair. I'll soon update the BTC.D chart and also some good Altcoins in BTC pair which gave us great profit in the upcoming bull run.
