BTC/USD (20D MA Support?)

💎Technical Analysis Summary💎



BTC/USD

-Bitcoin just had a -23% retracement from its top around 58k dollars
-The price retested the 20D MA for the 3rd day and still holding
-If we want to see a strong uptrend momentum
-Bitcoin must not close below 20D MA in the coming 1-3 days
-Because if it does, we might see a potential test of the 50D MA below
-That would be around -30% retracement and Altcoins will have another correction
-Though the overall market is still in a Bullish cycle
-Expect a much longer consolidation around 40k level if this 2nd scenario will play out
-But I think it will be a good opportunity for the Altcoins to recover during a long period of sideways trading
-Please be prepared for both scenario and have a trading plan before you click the trigger button




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