Here's a quick look at BTC 4 hr chart. As we can see, the price broke down from the rising channel and went all the way down to 53k where we found some support and bounced. Then the price formed a new ascending triangle, and has now broken down from it. The price went down to 50.400$ and found some support and bounced back into the new falling channel. 50k level has to be held otherwise we are heading down to 45-47k zone where we might find some heavy support.
The RSI is almost oversold, and last time the RSI was oversold, we saw a bounce.
One thing to keep in mind is that Bitcoin is very correlated to the big stocks, hence if the stocks are down, we should then expect a pullback from bitcoin . however the fear in the market is growing, and we should be cautious trading right now.
Follow me for daily profitable trading setups
BTC dictates the market. If BTC falls, then Alts will fall as well. BTC needs to get stable before alts can run. Trade safe!
The RSI is almost oversold, and last time the RSI was oversold, we saw a bounce.
One thing to keep in mind is that Bitcoin is very correlated to the big stocks, hence if the stocks are down, we should then expect a pullback from bitcoin . however the fear in the market is growing, and we should be cautious trading right now.
Follow me for daily profitable trading setups
BTC dictates the market. If BTC falls, then Alts will fall as well. BTC needs to get stable before alts can run. Trade safe!
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