It was also stated that 81,900 - 84,400 zone is considered a valid support area where BTC can make an upward reaction. In fact during Feb 26th and 27th, BTC had some +6% rise.
BTC has returned back to the said support zone and based on the chart's conditions, BTC is in decision-making phase (in which both reversal and continuation scenarios are present)
If we see an increase in demand followed by a rise above 87,100 zone, it's possible to see a better upward move into 90,000 channel.
But if BTC drops below 82,000 level, we'll probably see the continuation of the dump towards 73,000 level.
At the time of posting this update, there's no strong confluence about the continuation scenario and reversal is more likely.
BTC has returned back to the said support zone and based on the chart's conditions, BTC is in decision-making phase (in which both reversal and continuation scenarios are present)
If we see an increase in demand followed by a rise above 87,100 zone, it's possible to see a better upward move into 90,000 channel.
But if BTC drops below 82,000 level, we'll probably see the continuation of the dump towards 73,000 level.
At the time of posting this update, there's no strong confluence about the continuation scenario and reversal is more likely.
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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.
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.