What's up traders, it has been a while. I hope you guys are doing great.
Let me give you a quick update on BTC in a higher timeframe.
Timeframe: 3 Days.
Recap: In my previous update, the 21 MA ($23150) was an important resistance level for BTC. It was mentioned that if BTC breaks above the 21 MA then we may expect a rally towards $28.7k.
Current Scenario: Well, in 3 days TF, BTC broke above the 21 MA which is good for the market. The same 21 MA resistance is now strong support for BTC. If we follow the dotted trendline then it looks like a BRB (breakout, re-test, and bounce back). If at all we see a rally then I am expecting BTC to reach close between $27k to $29k.
Conclusion: BTC could be a good trade if it stays above the 21 MA support. I will stick with $19270 as an ultimate support level and $28k to $31.7k.
Let me give you a quick update on BTC in a higher timeframe.
Timeframe: 3 Days.
Recap: In my previous update, the 21 MA ($23150) was an important resistance level for BTC. It was mentioned that if BTC breaks above the 21 MA then we may expect a rally towards $28.7k.
Current Scenario: Well, in 3 days TF, BTC broke above the 21 MA which is good for the market. The same 21 MA resistance is now strong support for BTC. If we follow the dotted trendline then it looks like a BRB (breakout, re-test, and bounce back). If at all we see a rally then I am expecting BTC to reach close between $27k to $29k.
Conclusion: BTC could be a good trade if it stays above the 21 MA support. I will stick with $19270 as an ultimate support level and $28k to $31.7k.
