Hello folks,
Here's a quick update on BTC price in 4 hours TF.
BTC got rejected from the resistance level ($38500), showed in the previous update. The weekly close was around $37900 which was below our expectations. BTC is still under the channel and according to the pattern, it may possibly drop down to $34500. The thing which is holding the price at $36900 is the lower supporting trendline. This support could be a potential bouncing area but it is on the weaker side.
I exited my BTC holdings a little late at $37300 when I saw a rejection below 21 MA. Still made good profits. I hope you guys did too.
My new strategy: I will buy back BTC in two scenarios, 1) If BTC bounces back and breaks above $38500. or 2) If BTC drops down to $34500 and confirm a bounce.
So, as for now, let us wait for the hourly close.
Until then trade safely.
Here's a quick update on BTC price in 4 hours TF.
BTC got rejected from the resistance level ($38500), showed in the previous update. The weekly close was around $37900 which was below our expectations. BTC is still under the channel and according to the pattern, it may possibly drop down to $34500. The thing which is holding the price at $36900 is the lower supporting trendline. This support could be a potential bouncing area but it is on the weaker side.
I exited my BTC holdings a little late at $37300 when I saw a rejection below 21 MA. Still made good profits. I hope you guys did too.
My new strategy: I will buy back BTC in two scenarios, 1) If BTC bounces back and breaks above $38500. or 2) If BTC drops down to $34500 and confirm a bounce.
So, as for now, let us wait for the hourly close.
Until then trade safely.
