Welcome to this quick Update, everyone. If you are reading my updates for the first time, do follow me to get more complex charts in a very simplified way. I also post altcoin setups on Spot, Margin, and Futures.
Bitcoin followed our last ANALYSIS perfectly and broke out the Bull Flag. Currently, BTC is in the resistance area. 48.6k happens to be an important resistance level. You can those clusters of candles in this area that will act as a supply zone. So far we can see continuous rejections since the daily close.
Remember what I said in the last update. The rally everyone has been waiting for CAN ONLY GET TRIGGERED AFTER a daily close above 52k. Anything below this level would be a trap.
48.6K IS AN IMPORTANT RESISTAANCE followed by 49.4k and 52k. IMHO, so many resistances AT a place don't allow you to make many trades. So it's better to use stop losses if you are trading with leverage. We have made killing profits since the last few weeks in our elite club. But we are holding only a few with Stop Losses. Make sure you check that out too :)
So what do you think? Will BTC break from here? I believe we can see some more rejection in this area and weekly close will clear more of our doubts. Till then it's better not to trade much on weekends unless we see some good setups.
Do hit the like button if you like this update and share your views in the comment section.
Love it; thanks. Clean, easy to follow chart, without a total junk show of lines and indicators. Can you elaborate on scam wicks? Are these grabs for liquidity?
Cryptorphic
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@dsteaves, Thanks for your input. Yes, these wicks are to liquidate the high lev traders and flip the mindset of retail traders to go short. Ends up with a bullish contiuation.
thanks for sharing.