BTC: PERFECT ANALYSIS SO FAR!

٢٦ أبريل ٢٠٢٣

Previous Update: "BTC broke down below the support 1 level, an invalidation point. As per the analysis, the possible dropping level could be 27.5k or in a worst-case scenario 26.6k.
To recover this drop and get back to the bullish rally, BTC must surpass the 28.6k level."


Hello traders, welcome to this 6 hours update on BTC.

BTC made a good comeback after a -11.5% drop last week. This drop was stressful for many traders but if you had followed my previous update, you will know that I had already set the support levels for BTC and it went pretty smoothly. BTC bounced back right from 26.9k and my support level was at 26.6k.

I know, I said 'no leverage trading' but I actually entered long on BTC at 27.6k with 20x leverage. I used a small portion of my portfolio for this trade.

Anyways, here's the next phase of BTC and this one is going to be important. After the successful rally toward 31K followed by a rejection, BTC made a strong resistance between 30k to 31k. Surpassing this resistance level will eventually lead the price toward 32k (another strong resistance). Analytically, BTC should maintain this rally, show some correction, and then rally back again. In my opinion, this gradual move on BTC is good for the market. For now, let us see how the 30k resistance will play out.

Key Points:

1. 30k to 31K Resistance.
2. 28.6k Support.
3. RSI reaching the overbought zone.
4. 32k ultimate target.

I hope this update was helpful to you. Keep supporting and sharing with your fellow traders if you find the content helpful.

Thank you and have a good hour ahead.