BITCOIN: A RETRACEMENT.
Updated
Hello guys, a quick update on BTC in a lower timeframe.
Recently, we saw a nice 9% jump in the market and after every jump a retracement is necessary. The current rejection from the resistance level looks okay to me and we can expect BTC to hold the 17.3k to 17k level and then another rally back to 18k. So far, BTC is maintaining the rising wedge pattern and if it continues to do so, we may see some positive moves in the market.
Invalidation point: 17k.
Note: This chart analysis is based on a lower timeframe so do not consider it for a long-term investment.
That's it from my end. Trade safely.
Recently, we saw a nice 9% jump in the market and after every jump a retracement is necessary. The current rejection from the resistance level looks okay to me and we can expect BTC to hold the 17.3k to 17k level and then another rally back to 18k. So far, BTC is maintaining the rising wedge pattern and if it continues to do so, we may see some positive moves in the market.
Invalidation point: 17k.
Note: This chart analysis is based on a lower timeframe so do not consider it for a long-term investment.
That's it from my end. Trade safely.
Note
BTC Update:
BTC failed to move as expected. The recent breakdown below the supporting trendline has brought BTC to a critical scenario. Although there is still a chance for BTC to bounce back from the 16.8k support level. With RSI in the oversold range, we can expect a bounce back on BTC anytime soon.
Key points:
1. 16.8k new support level.
2. RSI at oversold range.
3. Breakdown and close below 16.8k= Invalidation.
Trade safely.
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