BTC: BOUNCING BACK???
What's up, folks?
How amazing it is to begin a day with good positive vibes.
If you have missed my previous idea on BTC then you better check it out (link is at the bottom). BTC went exactly to the point where I drew the support level. If you had your long position opened close to the support ($40500 to $40700) then man, you are in a good profit.
So, let's see what's next.
We are on the weekend, BTC is bouncing back, and USDT.D is retesting. This could be a table-turning point for the market cause back in Sept 2021, when BTC dropped at the same level which was around -25% drop, it rallied towards the new ATH. So, if this is the bounce we are waiting for then BTC must breakout of certain resistance levels.
Resistance level 1: $43400.
Resistance level 2: $45700.
Resistance level 3: $47700.
Resistance level 4: $49500.
Resistance level 5: $50700.
These are the 5 resistance levels BTC must break through in order to change the trend. Until and unless BTC breaks down below the support level of
41K, we have a better chance for BTC to rally higher. So, keep calm and look for better opportunities. I would personally go long on BTC and re-enter the market only if the weekly close for BTC is above the Resistance 1 ($43400).
I am still not entering any trade yet. I am just observing the market and waiting for a better entry.
If my ideas are of any help to you then do like and share your views in the comment box.
Trade safe.
How amazing it is to begin a day with good positive vibes.
If you have missed my previous idea on BTC then you better check it out (link is at the bottom). BTC went exactly to the point where I drew the support level. If you had your long position opened close to the support ($40500 to $40700) then man, you are in a good profit.
So, let's see what's next.
We are on the weekend, BTC is bouncing back, and USDT.D is retesting. This could be a table-turning point for the market cause back in Sept 2021, when BTC dropped at the same level which was around -25% drop, it rallied towards the new ATH. So, if this is the bounce we are waiting for then BTC must breakout of certain resistance levels.
Resistance level 1: $43400.
Resistance level 2: $45700.
Resistance level 3: $47700.
Resistance level 4: $49500.
Resistance level 5: $50700.
These are the 5 resistance levels BTC must break through in order to change the trend. Until and unless BTC breaks down below the support level of
41K, we have a better chance for BTC to rally higher. So, keep calm and look for better opportunities. I would personally go long on BTC and re-enter the market only if the weekly close for BTC is above the Resistance 1 ($43400).I am still not entering any trade yet. I am just observing the market and waiting for a better entry.
If my ideas are of any help to you then do like and share your views in the comment box.
Trade safe.
coincall.com/r/43438887
Trade crypto options and futures on Coincall for great onboarding bonuses and a premium trading experience.
Trade crypto options and futures on Coincall for great onboarding bonuses and a premium trading experience.
Related publications
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.