BITCOIN: HOLDING THE SUPPORT LINE.
Welcome folks to this BTC update. I am using shorter TF for this chart analysis.
Timeframe: 6 hours.
Recap: According to our previous update, BTC is still maintaining the 21 MA support level in 3 days timeframe.
Update: In this 6-hour TF, BTC is holding good support at $22.6k. You can clearly see that this is the exact support line from where BTC has bounced back twice already. If BTC manages to break above the 21 MA then we can expect a rally up to $25.5k.
Bearish Rising Wedge: BTC is under a bearish rising wedge formation which isn't good. If BTC breaks down below this support line then things may turn out bad for the market.
Conclusion: It's better to wait for a confirmation call.
I hope this update was helpful.
Trade safely.
Timeframe: 6 hours.
Recap: According to our previous update, BTC is still maintaining the 21 MA support level in 3 days timeframe.
Update: In this 6-hour TF, BTC is holding good support at $22.6k. You can clearly see that this is the exact support line from where BTC has bounced back twice already. If BTC manages to break above the 21 MA then we can expect a rally up to $25.5k.
Bearish Rising Wedge: BTC is under a bearish rising wedge formation which isn't good. If BTC breaks down below this support line then things may turn out bad for the market.
Conclusion: It's better to wait for a confirmation call.
I hope this update was helpful.
Trade safely.
One word: "Accuracy".