💎 BTC: Price is Still Respecting Local Demand Zone 🔥🔥🔥
Hello Dear Traders,
(Crypto Market Cap : 558 Billion , BTC Dominance:62.8%)
As you can see from 2 weeks BTC is trading between this symmetrical triangle pattern, yesterday I thought this triangle was broken but price was still under the triangle .
today we saw a nice decline in btc and touched 4 hourly based local demand zones which is frm 18500-18600$. Once btc entered in this demand zone we saw strong buying pressure from bulls. until the price is above this demand zone we don't have to worry much. but if btc breaks this demand zone, the next solid demand we will test is 17700 and final stop is 16500$. btc will not go below 16500$ . This decline of btc will be very healthy for a long term sustainable rally. Also whoever is waiting for buying btc it will be again a golden opportunity ,incase if u see price near 16500$ in upcoming days then i will strongly recommend u to buy BTC.
For now Btc is respected in this local demand zone as per this recent move , I'm expecting btc might touch the 19200 supply zone again.
According CryptoQuant, miners that were previously inactive began to sell Bitcoin once again. In a private note to its clients, analysts said that the “Miner’s Position Index” reached a new yearly high. This is indicative of miners applying selling pressure on Bitcoin, which raises the probability of further consolidation or a larger price drop.
The CME chart has large futures gap at 17000$ , which is still ready to be filled. Generally, 95% of the CME gaps get filled, which raises the probability of price dropping back to these levels in the short term.
Please share your opinion and leave a comment and / or give it a like.
This trading idea has been presented to you by ROHITWORKSS
(Crypto Market Cap : 558 Billion , BTC Dominance:62.8%)
As you can see from 2 weeks BTC is trading between this symmetrical triangle pattern, yesterday I thought this triangle was broken but price was still under the triangle .
today we saw a nice decline in btc and touched 4 hourly based local demand zones which is frm 18500-18600$. Once btc entered in this demand zone we saw strong buying pressure from bulls. until the price is above this demand zone we don't have to worry much. but if btc breaks this demand zone, the next solid demand we will test is 17700 and final stop is 16500$. btc will not go below 16500$ . This decline of btc will be very healthy for a long term sustainable rally. Also whoever is waiting for buying btc it will be again a golden opportunity ,incase if u see price near 16500$ in upcoming days then i will strongly recommend u to buy BTC.
For now Btc is respected in this local demand zone as per this recent move , I'm expecting btc might touch the 19200 supply zone again.
According CryptoQuant, miners that were previously inactive began to sell Bitcoin once again. In a private note to its clients, analysts said that the “Miner’s Position Index” reached a new yearly high. This is indicative of miners applying selling pressure on Bitcoin, which raises the probability of further consolidation or a larger price drop.
The CME chart has large futures gap at 17000$ , which is still ready to be filled. Generally, 95% of the CME gaps get filled, which raises the probability of price dropping back to these levels in the short term.
Please share your opinion and leave a comment and / or give it a like.
This trading idea has been presented to you by ROHITWORKSS
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