Welcome to this quick BTC Update everyone. Last few days have been messy I understand. This is why I always recommended not to hold leverage positions. I got many DMs where people are stuck with positions. I understand, This is why you practise proper Risk Management!
Let's get to the chart,
My previous chart got terribly wrong and got invalidated after a close below 45.6k level. In the current chart BTC is trading around the 42K support which is very strong. In the higher time frame charts BTC hit 40.2k (Binance) which also happens to be an important support being the 50D MA. 50D MA has been acting as support and resistance in 2D Chart since the previous Bull Market so I expect BTC to start rally from the green zone, 38.8k to 42K area. 38k would be a Wick down , the price won't stay much long at that area. This level must hold. I will keep this clear. BITCOIN needs to hold that green support line since Covid dump. If that breaks god know where BTC will stop. But there's a long way for that. It's too early but the goal is to be prepared for every situation.
All of these FUDs from China and all around the world is making retails traders sell and leave. The Evergrande is another issue which is an alarming problem a global financial crisis. I don't do much FA but these things are really affecting the market badly.
IMHO, the best strategy is to stay aside and wait for the right moment to trade. I've started accumulating BTC at this range with my USDT on spot
What do you think about this? Do you think BTC could dump below 38k? Or is it over?
Do share your views and do not forget to hit that like button.
Thank you
#PEACE
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Click on the above image to read the latest update on BTC
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Perfect analysis so far, We got the bounce from the area as shown in the chart. Read the latest analysis by clicking on the above chart.
Thanks for yet another great analysis, it is highly appreciated. I am glad I've sold off in the 54K range and look forward to layering back in between 3-11K. If this boat goes sailing without me then I'll reconsider reentering once 120K is surpassed. Without energy (buy pressure) a yoyo losses its momentum and unwinds to the lenght of its string...