BTCUSD: Trading at a KEY SUPPORT LEVEL!
• BTC is in a key support level. We see a Double Bottom around 20k (1h chart), and BTC just hit the 38.2% retracement in the daily chart, which is very close to the 21 ema as well;
• Although today’s candlestick is bullish, BTC has yet to break the black line at $20,387, as this is the trigger point for the Double Bottom;
• In this scenario, BTC would seek the next resistance, at $20,800;
• What could frustrate this scenario? If BTC loses the retracement level, along with the 21 ema in the daily chart. This would frustrate the bullish bias in the mid-term, and in this scenario, BTC would seek the next retracements as support levels.
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• Although today’s candlestick is bullish, BTC has yet to break the black line at $20,387, as this is the trigger point for the Double Bottom;
• In this scenario, BTC would seek the next resistance, at $20,800;
• What could frustrate this scenario? If BTC loses the retracement level, along with the 21 ema in the daily chart. This would frustrate the bullish bias in the mid-term, and in this scenario, BTC would seek the next retracements as support levels.
Remember to follow me to keep in touch with my analyses!
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