BITCOIN CONSISTANTLY FAILING TO BREAK THE RESISTANCE TRENDLINE.
Updated
Welcome members to this BTC update.
First of all, I would like to welcome all the new members and thank you for supporting me. And of course my existing members, you guys are awesome. You have kept me motivated to post more and more updates. Thank you all for your support and messages.
Ok, so, what we got here?
BTC once again failed to break through the trendline (resistance) and it has formed a red candle towards the 21 MA support. 9 hours ago, BTC successfully broke the 0.618 Fib level but now once again it is below it. Here's the thing we need to keep an eye on, the 21 MA. IF BTC breaks down below the 21 MA then exit your positions (if you are holding any) cause BTC may drop up to $35700 support level. But if BTC bounces back from here and breaks the trendline then a rally up to
41K is possible.
Talking about the RSI, it has still maintained the momentum here and it is yet to reach the overbought zone. I will personally accumulate more if BTC drops back to the lower support level or if it breaks the resistance level.
What do you think about BTC? Do you think BTC will still rally higher or a drop is coming?
Share your views and do like and follow for more interesting updates.
Thank you.
First of all, I would like to welcome all the new members and thank you for supporting me. And of course my existing members, you guys are awesome. You have kept me motivated to post more and more updates. Thank you all for your support and messages.
Ok, so, what we got here?
BTC once again failed to break through the trendline (resistance) and it has formed a red candle towards the 21 MA support. 9 hours ago, BTC successfully broke the 0.618 Fib level but now once again it is below it. Here's the thing we need to keep an eye on, the 21 MA. IF BTC breaks down below the 21 MA then exit your positions (if you are holding any) cause BTC may drop up to $35700 support level. But if BTC bounces back from here and breaks the trendline then a rally up to
41K is possible.Talking about the RSI, it has still maintained the momentum here and it is yet to reach the overbought zone. I will personally accumulate more if BTC drops back to the lower support level or if it breaks the resistance level.
What do you think about BTC? Do you think BTC will still rally higher or a drop is coming?
Share your views and do like and follow for more interesting updates.
Thank you.
Note
BTC update:
BTC bounced exactly from the 21 MA support. Perfect breakout and looks like
41K is the range. But before that, we may possibly see a retest towards the trendline which will now be a support.We longed BTC at $36800 and the current price is at $38800. BTC price has already increased by 2k from our entry. This is almost 6% gain on spot and with 5x leverage, it will be 30%.
Congratulations to all who made a profit out of this trade.
We will update you more on this.
Note
BTC update:
Can this be a retest?
Technically yes but if the price breaks down below the 21 MA and 0.618 Fib support level then this breakout may turn out to be a fake-out. A bounce on the other hand will be great.
So, the best option will be to step aside and observe the market for the right entry. We have already made a good profit so now have patience and wait.
Let's be careful here.
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