BITCOIN: CLOSE TO THE RESISTANCE.
Hello and welcome all to the BTC update.
Timeframe: 6 hours.
Update: We saw a good 6% move on BTC yesterday which was indeed a good profit. BTC has once again surpassed the 20k price level but we still have the same problem to tackle and that is the resistance trendline. This time the resistance trendline is close to the 20.6k level which is a crucial point for BTC. It is good to see BTC making a jump like this but we also need to be careful with the rejection.
Few reasons why we need to be careful:
1. This RSI is at the overbought zone and eventually, it has to go down which means BTC needs to show some correction.
2. Resistance trendline, BTC has been strongly getting rejected from the resistance trendline in the past and it could continue to do so.
In an easy way, if BTC breaks out of the resistance trendline, things could go pretty well for the market. A rejection, on the other hand, could possibly be a drop toward the 19k.
That's it for now. Trade safely.
Timeframe: 6 hours.
Update: We saw a good 6% move on BTC yesterday which was indeed a good profit. BTC has once again surpassed the 20k price level but we still have the same problem to tackle and that is the resistance trendline. This time the resistance trendline is close to the 20.6k level which is a crucial point for BTC. It is good to see BTC making a jump like this but we also need to be careful with the rejection.
Few reasons why we need to be careful:
1. This RSI is at the overbought zone and eventually, it has to go down which means BTC needs to show some correction.
2. Resistance trendline, BTC has been strongly getting rejected from the resistance trendline in the past and it could continue to do so.
In an easy way, if BTC breaks out of the resistance trendline, things could go pretty well for the market. A rejection, on the other hand, could possibly be a drop toward the 19k.
That's it for now. Trade safely.
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