Hello Traders, here is my analysis for BTCUSD.
I'm sure a lot of you are concerned after the large drop in price BTC faced today. At the moment there is nothing to worry about...
- As traders we let the chart guide us
- The key support levels are still intact and have not broken. Until that happens BTC is still in a position to make the next move up.
Use the chart as a guide to help you understand any future price movement and what it could potentially mean.
- As long as BTC holds the Support Level around $28.5, there is nothing to fear. That would just be more "Consolidation".
- If BTC breaks below $28.5K then be slightly more cautious however BTC could still retest the low around
25K and create a double bottom before getting a bounce and making a move back up.
**The "line in the sand" is if BTC breaks the $25.2K support level. This is where I would become far more Bearish and would expect BTC to dump.
That's it for today's BTC post. Remember, the market is designed to push people to the brink of fear and anxiety to extract as much capitol as smart money can from the pockets of inexperienced traders. Read the charts and don't let the FUD affect you.
Thanks everyone and best of luck trading!
I'm sure a lot of you are concerned after the large drop in price BTC faced today. At the moment there is nothing to worry about...
- As traders we let the chart guide us
- The key support levels are still intact and have not broken. Until that happens BTC is still in a position to make the next move up.
Use the chart as a guide to help you understand any future price movement and what it could potentially mean.
- As long as BTC holds the Support Level around $28.5, there is nothing to fear. That would just be more "Consolidation".
- If BTC breaks below $28.5K then be slightly more cautious however BTC could still retest the low around
25K and create a double bottom before getting a bounce and making a move back up.**The "line in the sand" is if BTC breaks the $25.2K support level. This is where I would become far more Bearish and would expect BTC to dump.
That's it for today's BTC post. Remember, the market is designed to push people to the brink of fear and anxiety to extract as much capitol as smart money can from the pockets of inexperienced traders. Read the charts and don't let the FUD affect you.
Thanks everyone and best of luck trading!
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.