BITCOIN: BROKEN DOWN BELOW THE SUPPORT.
Hello traders, I hope you guys are doing good.
Let me share a quick update on BTC.
Timeframe: 4 hours.
Update: BTC broke down below the support level which isn't looking good in a shorter timeframe. If BTC didn't break above the upper trendline soon then we may most likely see a drop in BTC. BTC tried its best to hold the support level but couldn't keep it up. The current green candle looks like a retest but if it manages to break out again then things will get interesting.
Upcoming news: We have the Federal Open Market Committee (FOMC) two-day meeting on the 26th & 27th of July 2022. This meeting may bring volatility to the market depending on the news. So, kindly mark the date and stay alert.
Conclusion: The market looks bearish for the short-term and as the weekly close is near, we can either wait or scalp trade.
That's it for now. Thanks for reading my update. Do like and comment to show some support.
Trade safely.
Let me share a quick update on BTC.
Timeframe: 4 hours.
Update: BTC broke down below the support level which isn't looking good in a shorter timeframe. If BTC didn't break above the upper trendline soon then we may most likely see a drop in BTC. BTC tried its best to hold the support level but couldn't keep it up. The current green candle looks like a retest but if it manages to break out again then things will get interesting.
Upcoming news: We have the Federal Open Market Committee (FOMC) two-day meeting on the 26th & 27th of July 2022. This meeting may bring volatility to the market depending on the news. So, kindly mark the date and stay alert.
Conclusion: The market looks bearish for the short-term and as the weekly close is near, we can either wait or scalp trade.
That's it for now. Thanks for reading my update. Do like and comment to show some support.
Trade safely.
