Bitcoin | sandwiched !!
Updated
On daily chart, BTC is Sandwiched between 51k and 45k (the red zone), 46k support was able to slow down the bearish slide. However, the 200 MA appears as a huge resistance that prevent pulls from making any meaningful gains.
not only 200MA is the problem but also the low volume makes bitcoin struggles to reclaim 48k.
In my opinion, we need a strong bullish volume to reclaim 48k other wise bears will take the control again.
as long as we are sandwiched on this red area, it's too risky to trade and open swing positions as I expect to drop again to 36k or 30k.
Please make sure to follow capital/risk management to avoid any big losses.
Take care and stay safe.
not only 200MA is the problem but also the low volume makes bitcoin struggles to reclaim 48k.
In my opinion, we need a strong bullish volume to reclaim 48k other wise bears will take the control again.
as long as we are sandwiched on this red area, it's too risky to trade and open swing positions as I expect to drop again to 36k or 30k.
Please make sure to follow capital/risk management to avoid any big losses.
Take care and stay safe.
Trade closed: target reached
🔴 Bitcoin reached the next target at 36500.I think this target is strong enough to hold bears.
But the most important thing is the monthly close, closing under 36500 is definitely bad and you can consider it your Stop-loss.
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