Welcome to this quick update on the BTC price after the weekly close.
BTC's weekly close was above $42400 which is above resistance 1 ($42k). This shows a positive momentum in the market. Looking into the lower timeframe, I expected BTC to do some retest towards $39k but it rather rally higher breaking the resistance. If the rally continues then we will soon see BTC reaching the resistance 2 level which is at $43200 to $44000.
To confirm a bullish rally or a trend reversal, all we need is a break above the resistance level 2. Keeping in mind the USDT dominance and other major altcoins, the market looks pretty good but it doesn't mean that we are out of danger. We all know how volatile this crypto market is and we have experienced in the past as well how things went from a bullish move to all of a sudden a bearish move.
So, I will still suggest you all trade carefully.
Do share your views about BTC. Do you think the trend is actually reversing?
Like, comments, and follow is highly appreciated.
Thank you and trade safely.
I'll see you guys on my next update.
BTC's weekly close was above $42400 which is above resistance 1 ($42k). This shows a positive momentum in the market. Looking into the lower timeframe, I expected BTC to do some retest towards $39k but it rather rally higher breaking the resistance. If the rally continues then we will soon see BTC reaching the resistance 2 level which is at $43200 to $44000.
To confirm a bullish rally or a trend reversal, all we need is a break above the resistance level 2. Keeping in mind the USDT dominance and other major altcoins, the market looks pretty good but it doesn't mean that we are out of danger. We all know how volatile this crypto market is and we have experienced in the past as well how things went from a bullish move to all of a sudden a bearish move.
So, I will still suggest you all trade carefully.
Do share your views about BTC. Do you think the trend is actually reversing?
Like, comments, and follow is highly appreciated.
Thank you and trade safely.
I'll see you guys on my next update.
