MrInvertigo

BTC Reset actually healthy

KRAKEN:XBTUSDT   XBT / USDT
As you can see on the chart there are 3 important support levels marked in yellow text.

BTC bounced off the first. A good sign. It means BTC is still trading in its current channel.

Scenarios:

Bullish - the reset has already happened and BTC will recover over the coming days and continue in its current channel.

Bearish - If we go below current support BTC will move down to the next support level .

The reason this is actually healthy is simple. Charts go up and down. The longer you go without a dump, the bigger the dump is when it happens. It's good to shake out the weak hands every once in a while. It allows the overbought metrics to reset and moves up can be made with support.

Comments

looks like Arm-Heard-Arm is forming, which would mean temporary bearish scenario. istn it ?
Reply
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