Hello traders, welcome to this update on BTC. I will try to keep it simple and understandable for all of you.
BTC's weekly close was at $20.6k. It is still holding the support 1 ($19.5k).
Q. Can this be the bottom?
A. Possibly no cause we are still in the bear market cycle.
Q. Can we expect a bounce-back?
A. Possibly, the bounce can hit the resistance level of $30k.
Q. If BTC breaks down then what could be the possibly bottom range?
A. If BTC breaks down below the support 1, the next possible bottom could be $12k.
Conclusion: If BTC continues to hold the support 1 level then we can expect a bounce towards the resistance level ($30k) and then the downfall. But if BTC fails to hold S1 then I am afraid that we may see BTC once again at the $12k level.
I hope this update will be beneficial for you. Do check out my related ideas in the link. I posted these updates back in Jan and Mar 2022 and it beautifully played out.
Like and follow for more.
Thank you.
BTC's weekly close was at $20.6k. It is still holding the support 1 ($19.5k).
Q. Can this be the bottom?
A. Possibly no cause we are still in the bear market cycle.
Q. Can we expect a bounce-back?
A. Possibly, the bounce can hit the resistance level of $30k.
Q. If BTC breaks down then what could be the possibly bottom range?
A. If BTC breaks down below the support 1, the next possible bottom could be $12k.
Conclusion: If BTC continues to hold the support 1 level then we can expect a bounce towards the resistance level ($30k) and then the downfall. But if BTC fails to hold S1 then I am afraid that we may see BTC once again at the $12k level.
I hope this update will be beneficial for you. Do check out my related ideas in the link. I posted these updates back in Jan and Mar 2022 and it beautifully played out.
Like and follow for more.
Thank you.
