Hey guys, here's a quick update on BTC. Keep in mind that this is a short-term update so don't compare this with my long tern USDT.D update.
Time frame: 4 hours.
Update: In my previous update, BTC had slight support at $20.5k but we clearly saw that it didn't hold. The daily close on the other hand was around $19.9k which was expected after the breakdown.
Current Scenario: BTC is hitting the $19.5k-$19.6k support range. If this is strong support then we can expect a bounce-back soon. Also, we need to keep in mind that BTC is forming a bearish flag pattern which isn't a good sign for the market. We may expect another bounce-back but it may not hold it for long.
Key levels:
$19.5k to $19.6k is an important support for BTC.
Conclusion: If BTC bounces back, we will enter long and if BTC breaks down below, we will short the market. I am expecting a short-term bullish rally in the market soon. So, keep your eyes wide open.
Trade safely and as always like, comment, and follow for more.
Thank you.
Time frame: 4 hours.
Update: In my previous update, BTC had slight support at $20.5k but we clearly saw that it didn't hold. The daily close on the other hand was around $19.9k which was expected after the breakdown.
Current Scenario: BTC is hitting the $19.5k-$19.6k support range. If this is strong support then we can expect a bounce-back soon. Also, we need to keep in mind that BTC is forming a bearish flag pattern which isn't a good sign for the market. We may expect another bounce-back but it may not hold it for long.
Key levels:
$19.5k to $19.6k is an important support for BTC.
Conclusion: If BTC bounces back, we will enter long and if BTC breaks down below, we will short the market. I am expecting a short-term bullish rally in the market soon. So, keep your eyes wide open.
Trade safely and as always like, comment, and follow for more.
Thank you.
