BTC update 4H TF Bulls are still looking WEAK!!!
Firstly let's understand this:
BTC is moving in 4-year cycles due to the Halving event which reduces bitcoin mining by 50% after each halving.
This serves the reason for an Upward rally 📈 as from its diminishing supply.
> Currently Bitcoin price is now trading below 20.0k
> Bitcoin weekly candle closed in green but this candle shows that Bulls are still weak.
> Bulls have been facing constant resistance at the 20k price level.
> Constant and continued rejections could push Bitcoin price to trade near the 18k support level.
If we do not hold the support at 19.6k, then we will be looking for another leg down 📉
Good news - most probably it will be the last bearish impulse.
If BTC gains sufficient volume at re-test of lower level and bounces back up most probably we will see it move up to 21-21.5k where will be the first portion of sellers.
Personal POV:
For better trades I see it's better to accumulate BTC and some strong project altcoins in the current market conditions and scalp short-term moves with a low risk.
🚨Market Update:
Total Weekly Crypto Asset flows have recorded for the first time in the last 4 weeks a net positive of $9.2 million, which is extremely small in comparison with previous weeks, and most of the volume has come from short investment products, however, this is one of the signs we were looking for before the next move.
BTC is moving in 4-year cycles due to the Halving event which reduces bitcoin mining by 50% after each halving.
This serves the reason for an Upward rally 📈 as from its diminishing supply.
> Currently Bitcoin price is now trading below 20.0k
> Bitcoin weekly candle closed in green but this candle shows that Bulls are still weak.
> Bulls have been facing constant resistance at the 20k price level.
> Constant and continued rejections could push Bitcoin price to trade near the 18k support level.
If we do not hold the support at 19.6k, then we will be looking for another leg down 📉
Good news - most probably it will be the last bearish impulse.
If BTC gains sufficient volume at re-test of lower level and bounces back up most probably we will see it move up to 21-21.5k where will be the first portion of sellers.
Personal POV:
For better trades I see it's better to accumulate BTC and some strong project altcoins in the current market conditions and scalp short-term moves with a low risk.
🚨Market Update:
Total Weekly Crypto Asset flows have recorded for the first time in the last 4 weeks a net positive of $9.2 million, which is extremely small in comparison with previous weeks, and most of the volume has come from short investment products, however, this is one of the signs we were looking for before the next move.
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