Hello traders, I hope you all are doing well. Here's a quick update on BTC in a daily timeframe.
BTC shows no progress so far. We expected a bounce back from the $22.3k level but eventually, it dropped further low toward $21.6k. Technically, $21.3k to $21.7k is a significant support level for BTC, and from this level, if it manages to bounce back, we may see BTC back to $23k to $25k. But if it drops below the support, a fall close to $18k is possible.
The SL got hit for our previous long trade setup on BTC but it is still better than holding a losing position. I have my major holdings on spot and in futures, I trade with only 15% to 20% of my entire portfolio. So, it is absolutely fine and it is still a win-win situation for me.
Key points:
1. $21.3k to $21.7k important support zone.
2. If BTC bounces back then $23k will be the initial target.
3. If BTC drops further low then $18k is likely possible.
Thank you for reading and trade safely.
BTC shows no progress so far. We expected a bounce back from the $22.3k level but eventually, it dropped further low toward $21.6k. Technically, $21.3k to $21.7k is a significant support level for BTC, and from this level, if it manages to bounce back, we may see BTC back to $23k to $25k. But if it drops below the support, a fall close to $18k is possible.
The SL got hit for our previous long trade setup on BTC but it is still better than holding a losing position. I have my major holdings on spot and in futures, I trade with only 15% to 20% of my entire portfolio. So, it is absolutely fine and it is still a win-win situation for me.
Key points:
1. $21.3k to $21.7k important support zone.
2. If BTC bounces back then $23k will be the initial target.
3. If BTC drops further low then $18k is likely possible.
Thank you for reading and trade safely.
