🔥 Bitcoin Update: Resistance Held
This is an update on yesterday's analysis on Bitcoin.
It appears that the blue resistance indeed held strong, causing BTC to reverse downwards towards the 'old' orange support line. Like I mentioned yesterday, it was of key importance to keep a close eye on BTC when it was trading around 36.5k, since we could reverse from there.
Current outlook is a more neutral one, since we're still trading above the orange trend line. A close below this trend line on a larger time frame could mean bad news. A reversal of trend would most likely mean that we're going to revisit the red Area of Support on the chart.
Looking at a smaller time frame, bulls need to do everything in their power to stay above 34k. The 34.5k - 34k area is currently the main support area which could function as a spring, potentially causing a new rise in price in the short term.
Next 24 hours are going to be important. We either manage to shoot back up towards 36.5k, or we fall back towards 32k or lower.
Happy trading!
It appears that the blue resistance indeed held strong, causing BTC to reverse downwards towards the 'old' orange support line. Like I mentioned yesterday, it was of key importance to keep a close eye on BTC when it was trading around 36.5k, since we could reverse from there.
Current outlook is a more neutral one, since we're still trading above the orange trend line. A close below this trend line on a larger time frame could mean bad news. A reversal of trend would most likely mean that we're going to revisit the red Area of Support on the chart.
Looking at a smaller time frame, bulls need to do everything in their power to stay above 34k. The 34.5k - 34k area is currently the main support area which could function as a spring, potentially causing a new rise in price in the short term.
Next 24 hours are going to be important. We either manage to shoot back up towards 36.5k, or we fall back towards 32k or lower.
Happy trading!
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