Previous Update: "BTC broke down below the support 1 level, an invalidation point. As per the analysis, the possible dropping level could be $27.5k or in a worst-case scenario $26.6k.
To recover this drop and get back to the bullish rally, BTC must surpass the $28.6k level."
Hello traders, welcome to this 6 hours update on BTC.
BTC made a good comeback after a -11.5% drop last week. This drop was stressful for many traders but if you had followed my previous update, you will know that I had already set the support levels for BTC and it went pretty smoothly. BTC bounced back right from $26.9k and my support level was at $26.6k.
I know, I said 'no leverage trading' but I actually entered long on BTC at $27.6k with 20x leverage. I used a small portion of my portfolio for this trade.
Anyways, here's the next phase of BTC and this one is going to be important. After the successful rally toward
31K
followed by a rejection, BTC made a strong resistance between $30k to $31k. Surpassing this resistance level will eventually lead the price toward $32k (another strong resistance). Analytically, BTC should maintain this rally, show some correction, and then rally back again. In my opinion, this gradual move on BTC is good for the market. For now, let us see how the $30k resistance will play out.
Key Points:
1. $30k to
31K
Resistance.
2. $28.6k Support.
3. RSI reaching the overbought zone.
4. $32k ultimate target.
I hope this update was helpful to you. Keep supporting and sharing with your fellow traders if you find the content helpful.
Thank you and have a good hour ahead.
To recover this drop and get back to the bullish rally, BTC must surpass the $28.6k level."
Hello traders, welcome to this 6 hours update on BTC.
BTC made a good comeback after a -11.5% drop last week. This drop was stressful for many traders but if you had followed my previous update, you will know that I had already set the support levels for BTC and it went pretty smoothly. BTC bounced back right from $26.9k and my support level was at $26.6k.
I know, I said 'no leverage trading' but I actually entered long on BTC at $27.6k with 20x leverage. I used a small portion of my portfolio for this trade.
Anyways, here's the next phase of BTC and this one is going to be important. After the successful rally toward
31K
followed by a rejection, BTC made a strong resistance between $30k to $31k. Surpassing this resistance level will eventually lead the price toward $32k (another strong resistance). Analytically, BTC should maintain this rally, show some correction, and then rally back again. In my opinion, this gradual move on BTC is good for the market. For now, let us see how the $30k resistance will play out. Key Points:
1. $30k to
31K
Resistance. 2. $28.6k Support.
3. RSI reaching the overbought zone.
4. $32k ultimate target.
I hope this update was helpful to you. Keep supporting and sharing with your fellow traders if you find the content helpful.
Thank you and have a good hour ahead.
