short term btc analysis
Updated
goodmorning dat eh,
i have drawn the possible support and resisitance zones for btc at the moment. btc is forming a v shape recovery at the moment. this is one of the most bullish recoveries. whats important for now is to test the upper side of the resistance so 48400 till 48600.
if we dont make it and test the bottom of the resistance at 46500 and we make a fast dip, that shows some weakness. this would automaticly form a lower high on the shorter timeframes. if you look at the alts, they recovering very fast. thats a very good sign. so for the short term im bullish midterm im neutral and longterm very bullish
also keep in mind that bitcoin have a dominance of 50 till 60 percent. that means that btc is leading the market. most of the time you can see on ether wich way the market will go.
i have drawn the possible support and resisitance zones for btc at the moment. btc is forming a v shape recovery at the moment. this is one of the most bullish recoveries. whats important for now is to test the upper side of the resistance so 48400 till 48600.
if we dont make it and test the bottom of the resistance at 46500 and we make a fast dip, that shows some weakness. this would automaticly form a lower high on the shorter timeframes. if you look at the alts, they recovering very fast. thats a very good sign. so for the short term im bullish midterm im neutral and longterm very bullish
also keep in mind that bitcoin have a dominance of 50 till 60 percent. that means that btc is leading the market. most of the time you can see on ether wich way the market will go.
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as you can see, btc is struggling in the resistance zone. i touchted the upperside of the resistance zone, so a break is almost iminent. still, this could take a short period. most of the time these kind of stabilisation will lead the altcoin to higher prices as well.
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