BITCOIN UPDATE: YET TO REACH THE RESISTANCE LEVEL!
Welcome folks to this BTC update. I am gonna keep this chart neat and easy to understand.
Timeframe: 4 hours.
Update: We saw how BTC is trying to bounce back to stay above the $20k level which is good for the market. The daily close was around $20.8k below the 21 MA but it made a quick pull back holding the price at $21.3k. If BTC continues to rally, we can expect it to touch the resistance level which is at $22.5k, and if BTC starts getting rejected then $19.6k is good support.
RSI: In this 4 hours timeframe, the RSI is showing a hidden bullish divergence which is quite a confirmation of a bullish rally towards the resistance level.
Conclusion: BTC is still under a bearish flag pattern and like I said in my previous BTC update, $22.5k is the invalidation point for this bearish flag. Once BTC breaks the resistance, we will see a trend reversal and we may likely see higher rallies. A rejection, on the other hand, will continue the bearish flag pattern.
I will update more on this topic later until then trade safely.
Like, comment, and follow to support my channel.
Thank you.
Timeframe: 4 hours.
Update: We saw how BTC is trying to bounce back to stay above the $20k level which is good for the market. The daily close was around $20.8k below the 21 MA but it made a quick pull back holding the price at $21.3k. If BTC continues to rally, we can expect it to touch the resistance level which is at $22.5k, and if BTC starts getting rejected then $19.6k is good support.
RSI: In this 4 hours timeframe, the RSI is showing a hidden bullish divergence which is quite a confirmation of a bullish rally towards the resistance level.
Conclusion: BTC is still under a bearish flag pattern and like I said in my previous BTC update, $22.5k is the invalidation point for this bearish flag. Once BTC breaks the resistance, we will see a trend reversal and we may likely see higher rallies. A rejection, on the other hand, will continue the bearish flag pattern.
I will update more on this topic later until then trade safely.
Like, comment, and follow to support my channel.
Thank you.
Spot on. BTC reached the level I expected. It is currently at the resistance level so let us be careful. If it breaks out then we are good to go for a higher rally and if it gets rejected then things are going bad. So, keep your eyes open wide.