Let's see how BTC is behaving.
This is a Weekly chart.
The Fib retracement shows that the price dumped on the support level. The solid support level might be around the 30K area in case the price falls even more.
The market is showing massive STRONG SELL volumes for BTC.
Two resistance levels push down on value, and one support level holds the price high and shows strength. The higher band can work as resistance.
The Middle Bollinger Band can push down the value, and the Lower band pushes the price up.
If the price crosses the local resistance and stays above it for confirmation, we can open our long positions, aim for the next resistance, and use it as a TP point.
The RSI shows that BTC is above the 50 levels, the center.
If you want to know how the RSI indicator works, take a look at this Educational Idea. It'll help you have better readings:
Current Market Price: $38265
Let me know your ideas.
Good luck.
This is a Weekly chart.
The Fib retracement shows that the price dumped on the support level. The solid support level might be around the 30K area in case the price falls even more.
The market is showing massive STRONG SELL volumes for BTC.
Two resistance levels push down on value, and one support level holds the price high and shows strength. The higher band can work as resistance.
The Middle Bollinger Band can push down the value, and the Lower band pushes the price up.
If the price crosses the local resistance and stays above it for confirmation, we can open our long positions, aim for the next resistance, and use it as a TP point.
The RSI shows that BTC is above the 50 levels, the center.
If you want to know how the RSI indicator works, take a look at this Educational Idea. It'll help you have better readings:
Current Market Price: $38265
Let me know your ideas.
Good luck.
