BTC UPDATE: IS THIS A RETEST???
Updated
Welcome amazing traders.
This BTC update is in a shorter timeframe of 1 hour.
First of all, if you are viewing my post for the first time then do not forget to like and follow. I share updates on the crypto market including margin trading, futures, spot, and scalping. All ideas are my biased opinion and I invest at my own risk. I don't force anyone to buy or sell, I simply share my ideas absolutely for free and it is your sole decision whether to trade on them or use them to understand the market.
In the last 24 hours, we saw some greens on BTC but soon it dropped back to the level it was before. We have been using a higher timeframe to view the market and we don't see any drastic changes. Coming into a shorter timeframe like 1 hour, we can see some good changes. Currently, as you can see that BTC broke out of the upper trendline and dropped back. In trading lingos, we called it a 'Retest' and after every breakout and retest, if we have a bounce-back then it most likely confirms a bullish move. At present, BTC is trying to make a bullish move. Also, BTC has formed a rising wedge pattern and it is holding support at 39.4k.
Now, we have a Goliath to face before going any further and that is the 21 MA acting as resistance which is at the 39.7k level. If the bounce is confirmed and BTC breaks above the 21 MA then we can expect a higher rally in the market.
All this will turn into a false hope or get invalidated if BTC breaks down below the
39K support level (in an LTF). If you wish to trade on BTC then you can enter at CMP and keep your SL below 39k.
That's all from my end. If you have any doubts or want to share your ideas then feel free to write them down in the comment box.
Thank you.
This BTC update is in a shorter timeframe of 1 hour.
First of all, if you are viewing my post for the first time then do not forget to like and follow. I share updates on the crypto market including margin trading, futures, spot, and scalping. All ideas are my biased opinion and I invest at my own risk. I don't force anyone to buy or sell, I simply share my ideas absolutely for free and it is your sole decision whether to trade on them or use them to understand the market.
In the last 24 hours, we saw some greens on BTC but soon it dropped back to the level it was before. We have been using a higher timeframe to view the market and we don't see any drastic changes. Coming into a shorter timeframe like 1 hour, we can see some good changes. Currently, as you can see that BTC broke out of the upper trendline and dropped back. In trading lingos, we called it a 'Retest' and after every breakout and retest, if we have a bounce-back then it most likely confirms a bullish move. At present, BTC is trying to make a bullish move. Also, BTC has formed a rising wedge pattern and it is holding support at 39.4k.
Now, we have a Goliath to face before going any further and that is the 21 MA acting as resistance which is at the 39.7k level. If the bounce is confirmed and BTC breaks above the 21 MA then we can expect a higher rally in the market.
All this will turn into a false hope or get invalidated if BTC breaks down below the
39K support level (in an LTF). If you wish to trade on BTC then you can enter at CMP and keep your SL below 39k. That's all from my end. If you have any doubts or want to share your ideas then feel free to write them down in the comment box.
Thank you.
Note
BTC failed to break above the 21 MA. It got rejected exactly from 21 MA. If this drop continues then it may reach up to 37.8k.
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