BTC: NICE REVERSAL AFTER CPI BUT IS IT ENOUGH TO PUMP BIG??
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Welcome to this BTC update.
BTC is perfectly holding its $18k support level so far. Even the worst data of CPI is not even able to break this support but the question is whether this pump is enough to make a reversal in BTC.
Let's get to the chart first.
As you see BTC is forming a descending triangle pattern in the daily time frame which is generally a bearish pattern but as of now, BTC holding its lower support zone perfectly.
So, what I'm expecting from here?
Expecting the next few days will be green for the overall market (BTC and Alts) and we might see BTC reach $20k-$21k from here but there are high chances that it again rejected from the upper resistance of the triangle. After rejecting we see again it is testing the lower trendline and maybe breaking the support at that time.
So in a short way, I'm expecting a little bit more pump up to $20k-$21k from here and after that, we again see a drop.
Let's see how this goes. Hope this analysis will clear your trading plan.
If you like this idea then do support it with like and follow.
Also, share your views in the comment section.
Thank You!
Welcome to this BTC update.
BTC is perfectly holding its $18k support level so far. Even the worst data of CPI is not even able to break this support but the question is whether this pump is enough to make a reversal in BTC.
Let's get to the chart first.
As you see BTC is forming a descending triangle pattern in the daily time frame which is generally a bearish pattern but as of now, BTC holding its lower support zone perfectly.
So, what I'm expecting from here?
Expecting the next few days will be green for the overall market (BTC and Alts) and we might see BTC reach $20k-$21k from here but there are high chances that it again rejected from the upper resistance of the triangle. After rejecting we see again it is testing the lower trendline and maybe breaking the support at that time.
So in a short way, I'm expecting a little bit more pump up to $20k-$21k from here and after that, we again see a drop.
Let's see how this goes. Hope this analysis will clear your trading plan.
If you like this idea then do support it with like and follow.
Also, share your views in the comment section.
Thank You!
