Hello and welcome to this exclusive update on the current BTC price action.
We saw a major drop in BTC price from a $52956 high straight to $42900 low. This drop liquidated many long positions in the market which was not good at all.
In a higher time frame (like 1 day), BTC is all in good hands. The 200 Day Moving Average showed a great support level for BTC and it is still holding the price there. BTC must close above this 200 MA and bounce back in order to stay bullish. We also have another strong support at the $42400 level where the recent drop has left a long shadow. If BTC fails to hold the 200 MA then $42400 will be the next support level for BTC.
On the other hand, a bounce in BTC will certainly lead the price back to the $50k level which is a psychological level for BTC, and in order to confirm the bull run, BTC must cross this level.
Conclusion:
1. Daily close above $46k to $47k is a must.
2. A bounce will once again test the $50k psychological level.
3. Break down below the 200 MA will drop the price till $42400.
Well, that's it for the update. If you find this update useful then do hit some likes, share your thoughts in the comment box, and do share.
Take care.
We saw a major drop in BTC price from a $52956 high straight to $42900 low. This drop liquidated many long positions in the market which was not good at all.
In a higher time frame (like 1 day), BTC is all in good hands. The 200 Day Moving Average showed a great support level for BTC and it is still holding the price there. BTC must close above this 200 MA and bounce back in order to stay bullish. We also have another strong support at the $42400 level where the recent drop has left a long shadow. If BTC fails to hold the 200 MA then $42400 will be the next support level for BTC.
On the other hand, a bounce in BTC will certainly lead the price back to the $50k level which is a psychological level for BTC, and in order to confirm the bull run, BTC must cross this level.
Conclusion:
1. Daily close above $46k to $47k is a must.
2. A bounce will once again test the $50k psychological level.
3. Break down below the 200 MA will drop the price till $42400.
Well, that's it for the update. If you find this update useful then do hit some likes, share your thoughts in the comment box, and do share.
Take care.
