BTC Update:
The daily close on BTC was below $30k which created a doubtful situation to re-analyze the chart. This time, let us analyze the BTC chart in an hourly timeframe to get a short-term view.
In this chart, we can clearly notice that BTC is following the rising wedge pattern. If BTC has to drop then we can expect it to reach the pocket support (shown in the chart). In a worst-case scenario, BTC breaking down below the pocket support will surely invalidate the chart and the price might reach as close as $28.7k.
Bounce back levels: $29.5k / $28.7k.
P.S. ~ A move toward $32k to 33K is still valid.
What's your take on this? Let me know on the comments.
Thank you for reading and trade safely.
Regards,
Team Dexter.
The daily close on BTC was below $30k which created a doubtful situation to re-analyze the chart. This time, let us analyze the BTC chart in an hourly timeframe to get a short-term view.
In this chart, we can clearly notice that BTC is following the rising wedge pattern. If BTC has to drop then we can expect it to reach the pocket support (shown in the chart). In a worst-case scenario, BTC breaking down below the pocket support will surely invalidate the chart and the price might reach as close as $28.7k.
Bounce back levels: $29.5k / $28.7k.
P.S. ~ A move toward $32k to 33K is still valid.
What's your take on this? Let me know on the comments.
Thank you for reading and trade safely.
Regards,
Team Dexter.
Here we go. As expected BTC dropped down but didn't reach the pocket support. The last drop was close to $29.7k and then a good bounce. This is the profit so far.
Cheers.