BTC/USD (Retested 50W Moving Average)

💎Technical Analysis Summary💎


BTC/USD


-My previous update last November 30 has failed
-Bitcoin drop down to its weekly key support area
-The price also retested the 50week Moving Average
-And currently, we can see the BTC is reacting to this level
-A massive -30% flash crash hits my stop-loss of a few trades I opened
-The good side though I'm following strict risk management
-I only allocated less capital on these trades due to bad market condition
-Looking at the current situation, if BTC will repeat the same pattern
-On this weekly timeframe, we could expect a good bounce from 50W MA
-This is only an "IF" statement, provide this moving average holds
-Many altcoins broke their bullish daily structure
-but there are still a few looking good coins on their weekly view
-That has a potential big move for the next few weeks
-Well, everything will still depend on Bitcoin's next direction
-I will remain cautious and allocate a low position size
-I hope many followed their stop-loss and proper risk management
-Good luck everyone and stay safe!



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