BTC: IS AT RESISTANCE! NEXT POSSIBLE MOVE FROM HERE....
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Welcome to this quick BTC update. Currently, it is trading around the $27.2k level.
BTC is forming a falling wedge like structure in 2hr time frame. And currently, it is facing strong resistance here. The resistance zone is at $27.2k-$27.5k
For any bullish movement, we need to break and close above this resistance level else we might see a dump again and the price might retrace back to the $26k level.
So as of now, it looks bearish to me in the short term.
Invalidation Level:- A bearish scenario will invalidate if we close above the $27.5k level
What do you think about this?
Share your views in the comment section.
If you like this idea then do support it with like and follow.
Thank You!
Welcome to this quick BTC update. Currently, it is trading around the $27.2k level.
BTC is forming a falling wedge like structure in 2hr time frame. And currently, it is facing strong resistance here. The resistance zone is at $27.2k-$27.5k
For any bullish movement, we need to break and close above this resistance level else we might see a dump again and the price might retrace back to the $26k level.
So as of now, it looks bearish to me in the short term.
Invalidation Level:- A bearish scenario will invalidate if we close above the $27.5k level
What do you think about this?
Share your views in the comment section.
If you like this idea then do support it with like and follow.
Thank You!
BTC formed a falling wedge-like structure in a 12hr time frame and is currently rejected from the upper trendline of the wedge. $27.5k resistance becomes support after breaking out. Now, it needs to hold and retest this support for a bullish move.
Let's see how the price reacts around $27.5k support. If holds and bounces then it might break this wedge which is a very bullish scenario for us.