Hello everyone, if you like the idea, do not forget to support with a like and follow.
Welcome to this BTC/USDT update. BTC doing very well after breaking $40.5k resistance it's pumped nicely and currently facing some resistance.
In 8hr timeframe, BTC broke out from the bullish falling broadening wedge and was ready to pump 26% after the breakout. Here is see two scenarios.
Scenario1:- Now BTC might come for the retest of the wedge and the price hit the $42k level. After this retest it is ready to go $53k
Scenario2:- If BTC did not come for the retest and breaks the red resistance cluster without any retest then we will see $53k without any retest.
I'm expecting that scenario1 is highly likely and also good for a healthy pump because if anything pumps without any retest then those pumps can turn out into a fakeout any time.
Invalidation level:- If any candle closes below $40.5k then this chart becomes invalid.
If you like this idea then do support it with like and follow.
Also, share your views in the comment section.
Thank You!
Welcome to this BTC/USDT update. BTC doing very well after breaking $40.5k resistance it's pumped nicely and currently facing some resistance.
In 8hr timeframe, BTC broke out from the bullish falling broadening wedge and was ready to pump 26% after the breakout. Here is see two scenarios.
Scenario1:- Now BTC might come for the retest of the wedge and the price hit the $42k level. After this retest it is ready to go $53k
Scenario2:- If BTC did not come for the retest and breaks the red resistance cluster without any retest then we will see $53k without any retest.
I'm expecting that scenario1 is highly likely and also good for a healthy pump because if anything pumps without any retest then those pumps can turn out into a fakeout any time.
Invalidation level:- If any candle closes below $40.5k then this chart becomes invalid.
If you like this idea then do support it with like and follow.
Also, share your views in the comment section.
Thank You!
Note
BTC is rejecting once again from an important resistance of $45k-$46k and currently having local support at around $43,500 if it breaks below this support then it can go to test the $41.5k-$42k level. For further bullish movement BTC has to breaks and close above $46k
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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.