Hello everyone, welcome to this BTC weekly update.
Update: Bitcoin has been hovering between $18k to $20k for the last 18 days holding the $19.5k support level. If you look at the chart, in the past, BTC reached an ATH, then got rejected, followed by the formation of a new support level, then further rejection, and then a bounce back. A similar move is happening now where BTC made an ATH ($69k), got rejected, made a new support level ($29k), got rejected again, and now holding strong support at $19.5k.
The doubtful part of this chart is the bouncing level. In the past, BTC has always bounced back from the lower supporting trendline, and if BTC will follow the same pattern then $14.5k could be the level. On the other hand, if BTC maintains the $19.5k support level then we can expect the rally towards $29k can take place from the present support level. All I can see is a bounce towards the $29k to $30k level to be happening soon.
RSI: The RSI level on BTC is already at the oversold level and sooner or later it has to bounce back.
Key levels:
1. $19k support level.
2. $14k support level.
3. $29k resistance level.
Note: This chart is in a higher timeframe so do not consider this as a trade setup for scalping.
I will update more on this in the coming days so stick to this channel. If you haven't followed me yet then do hit the follow icon for more interesting updates.
Likes and comments are highly appreciated.
Thank you.
Update: Bitcoin has been hovering between $18k to $20k for the last 18 days holding the $19.5k support level. If you look at the chart, in the past, BTC reached an ATH, then got rejected, followed by the formation of a new support level, then further rejection, and then a bounce back. A similar move is happening now where BTC made an ATH ($69k), got rejected, made a new support level ($29k), got rejected again, and now holding strong support at $19.5k.
The doubtful part of this chart is the bouncing level. In the past, BTC has always bounced back from the lower supporting trendline, and if BTC will follow the same pattern then $14.5k could be the level. On the other hand, if BTC maintains the $19.5k support level then we can expect the rally towards $29k can take place from the present support level. All I can see is a bounce towards the $29k to $30k level to be happening soon.
RSI: The RSI level on BTC is already at the oversold level and sooner or later it has to bounce back.
Key levels:
1. $19k support level.
2. $14k support level.
3. $29k resistance level.
Note: This chart is in a higher timeframe so do not consider this as a trade setup for scalping.
I will update more on this in the coming days so stick to this channel. If you haven't followed me yet then do hit the follow icon for more interesting updates.
Likes and comments are highly appreciated.
Thank you.
