BTCUSD is entering a bear trendBitcoin recently broke the support zone between the key support level of 102,150 (which has reversed price several times since early May) and the 50% Fibonacci retracement level of the bullish impulse from last month.
The break of this support zone has accelerated the short-term positive ABC 2 correction, which started earlier from the major multi-month resistance level of 110,000
Bitcoin is likely to fall to the next support level of 98,000.00 (previously strong resistance level in February).
Btcudsdt
BTC/USDT 2HR CHART UPDATE!!Hello, community members welcome to another BTC/USDT chart update.
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As we can see in the above mentioned chart that BTC broke the lower green support zone and moved downside by 7.5% and bounced right from the upper level of the trend line.
BTC printed quick green candles of 11% but got rejected from the blue MA again.
IMO, BTC will lose some more % and can move down towards the price level of $17k in the upcoming days.
Let’s see how BTC performs in the upcoming hours.
NOTE: This is not financial advice. This is for education purposes only. I am not responsible for the profits or losses you generate from your investments.
DO YOUR RESEARCH BEFORE MAKING ANY TRADES.
Thank you.
BTC 3 DAY Technical AnalysisWelcome to this quick update, everyone.
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I have tried my best to bring the best possible outcome in this chart.
Bitcoin is making a green candle on this 200D MA in the 3 days chart.
The candle closes in the next 31 hours.
TBH, That's a nice DOJI.
Once we see the weekly, as well as 3-day candle closing above $38k things, will get better in the short term.
Still, It's hard to say that correction is over.
CONCLUSION:- BTC looks bullish in the short term. But you gotta be very careful because either we are about to see a new parabolic run all the way to $100k+ or this will end up being a trap.
In both scenarios, there are some confirmations for which we will wait and I will keep you posted.
What's your thought on this?
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#PEACE