BTC touched weekly defense line with daily bearish formation!
Hello everyone. It's been awful for BTC bullish buyers as the crypto currency fell from fresh record by more than 30% within approximately just one month!
On the weekly chart, the candle formation looks not that bad compared to daily chart. It retested the flip zone at around 43000.
On the daily chart, however, the formation is really bearish with continuous red candles. After the drastic fall, price has come to key level of $40000 where flip & demand zone may serve as solid support area.
But do take care of your trade. BTC is sort of news driven. If you trade the news before, you probably know the key principles for the news traders:
1. Get in and get out fast.
2. Don't hesitate to close your position if the news goes against you.
On the weekly chart, the candle formation looks not that bad compared to daily chart. It retested the flip zone at around 43000.
On the daily chart, however, the formation is really bearish with continuous red candles. After the drastic fall, price has come to key level of $40000 where flip & demand zone may serve as solid support area.
But do take care of your trade. BTC is sort of news driven. If you trade the news before, you probably know the key principles for the news traders:
1. Get in and get out fast.
2. Don't hesitate to close your position if the news goes against you.
plan your trade and trade your plan
