BTC/USD - Bounce to 36k - what now? Patience.
As expected in our yesterday analysis (link below) BTC did a very nice bounce of 21% from the 30k level.
Now it is a good time to show patience because BTC can do two things:
1. Establish a higher low as support (say at 32k) then push out of the resistance towards new highs OR retest the support at 30k and push higher if it holds.
2. Push lower, break the 30k support and take us to upper 20k levels - whereby we re-test the previous ATH levels.
I find scenario two more unlikely in current market conditions, however, there is one concern. The daily is looking quite bearish with a MACD bearish cross about to be confirmed. That would indicate this may have been a local top and we can expect lower levels (under 30k) if the bearish trend continues. Once we form a nice support area above the previous ATH at 20k then we will be clear for more highs.
For now, be patient and let the price show us direction, because taking a trade now is like gambling, no one know what will happen next. Either scenarios can happen.
Like and follow!
Now it is a good time to show patience because BTC can do two things:
1. Establish a higher low as support (say at 32k) then push out of the resistance towards new highs OR retest the support at 30k and push higher if it holds.
2. Push lower, break the 30k support and take us to upper 20k levels - whereby we re-test the previous ATH levels.
I find scenario two more unlikely in current market conditions, however, there is one concern. The daily is looking quite bearish with a MACD bearish cross about to be confirmed. That would indicate this may have been a local top and we can expect lower levels (under 30k) if the bearish trend continues. Once we form a nice support area above the previous ATH at 20k then we will be clear for more highs.
For now, be patient and let the price show us direction, because taking a trade now is like gambling, no one know what will happen next. Either scenarios can happen.
Like and follow!
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