Bitcoin - Short Term (2 Supports) ✅
Let's see how BTC is behaving.
This is a 1H chart. (Valid for 24 hours)
The Fib retracement shows that the price is being corrected, and now it has two support levels on the way down.
We still haven't entered the downtrend channel.
Support levels: $32900 - $34300
Resistance Area: $36600
Bollinger Bands can work as support and resistance too. Here is an example:
The market is showing STRONG SELL volumes for BTC. Watch out!
Two resistance levels push down on value, and one support level holds the price high and shows strength. The higher band can work as resistance.
The Middle Bollinger Band can push down the value, and the Lower band pushes the price up.
If the price crosses the local resistance and stays above it for confirmation, we can open our long positions, aim for the next resistance, and use it as a TP point.
The RSI shows that BTC is below the 50 levels, the center.
If you want to know how the RSI indicator works, take a look at this Educational Idea. It'll help you have better readings:
Current Market Price: $35288
Let me know your ideas.
Good luck.
This is a 1H chart. (Valid for 24 hours)
The Fib retracement shows that the price is being corrected, and now it has two support levels on the way down.
We still haven't entered the downtrend channel.
Support levels: $32900 - $34300
Resistance Area: $36600
Bollinger Bands can work as support and resistance too. Here is an example:
The market is showing STRONG SELL volumes for BTC. Watch out!
Two resistance levels push down on value, and one support level holds the price high and shows strength. The higher band can work as resistance.
The Middle Bollinger Band can push down the value, and the Lower band pushes the price up.
If the price crosses the local resistance and stays above it for confirmation, we can open our long positions, aim for the next resistance, and use it as a TP point.
The RSI shows that BTC is below the 50 levels, the center.
If you want to know how the RSI indicator works, take a look at this Educational Idea. It'll help you have better readings:
Current Market Price: $35288
Let me know your ideas.
Good luck.
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