BTC/USDT (Retest Trendline Resistance)

💎Technical Analysis Summary💎



BTC/USDT

-Previous update Bitcoin is testing the 50D MA support
-The Bulls entered the market and we saw a strong bounce from 50k area up to 56k level
-Currently, the price is retesting the previous trendline resistance
-This zone is a confluence of resistance Fib of 0.5 - 0.618
-Well, the trend is still our friend but BTC needs to break this short term resistance
-To increase our bullish bias in the midterm action
-We still have few hours left before this weekly candle closes
-Most altcoins saw a good recovery this past 3 days of trading
-If BTC can break and sustain above the 57k level
-I think many Altcoins will come out strong making new Higher Highs
-But a failure to go above the bullish area will lead to testing the lower 53k dollars
-Either scenario, you must always have a trading plan and exit if the trade becomes invalid
-I hope you all enjoyed your weekend!


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