BTC STILL HOLDING IMPORTANT SUPPORT! CAN BE PUMPED FROM HERE!!
Updated
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Welcome to this BTC/USDT update. Yesterday, BTC went well and made a high of $39,600 but after that, a sudden drop to $37,200 will occur. BTC is holding its 37k support very well so far and as long as it holds there are the chances that we might test again 45k level.
Now, let's get to the chart.
BTC is forming a descending broadening wedge pattern in 2hr time frame. Which is a quite bullish pattern. But for any bullish movement, BTC has to break this pattern and also 200ma which is at $39,600 and acting as a strong resistance so far.
Here I expect two scenarios here.
1) BTC has strong support at $38,200-$38,500 so we expect a bounce from here and break out this wedge pattern.
2) If BTC is not able to hold the support (green box) then we might test again the lower trendline of the wedge which is at around $36,800 and after that, we expect a bounce.
Invalidation level:- If BTC breaks below $36,400 then this chart becomes invalid.
Do you think we can see a bounce from here?
Or do you think that we made a new low?
Tell me in the comments section and also share your charts & views.
If this idea is helpful for you then do hit the like button and follow me for more updates.
Thank You!
Welcome to this BTC/USDT update. Yesterday, BTC went well and made a high of $39,600 but after that, a sudden drop to $37,200 will occur. BTC is holding its 37k support very well so far and as long as it holds there are the chances that we might test again 45k level.
Now, let's get to the chart.
BTC is forming a descending broadening wedge pattern in 2hr time frame. Which is a quite bullish pattern. But for any bullish movement, BTC has to break this pattern and also 200ma which is at $39,600 and acting as a strong resistance so far.
Here I expect two scenarios here.
1) BTC has strong support at $38,200-$38,500 so we expect a bounce from here and break out this wedge pattern.
2) If BTC is not able to hold the support (green box) then we might test again the lower trendline of the wedge which is at around $36,800 and after that, we expect a bounce.
Invalidation level:- If BTC breaks below $36,400 then this chart becomes invalid.
Do you think we can see a bounce from here?
Or do you think that we made a new low?
Tell me in the comments section and also share your charts & views.
If this idea is helpful for you then do hit the like button and follow me for more updates.
Thank You!
Note
BTC is holding our green box support perfectly so far and now breaking out from the broadening wedge pattern. Now all we need is to break and close above 200 ma($39,600)
Trade closed: target reached
All targets achieved. New analysis coming soon. Stay tuned.
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