Welcome to this quick update guys.
Hope you all have been following my short term BTC updates that I'll be posting everyday. It can help you to make decisions on scalping, spot trading as well as Buying the local bottom and selling the local tops.
FOLLOW ME FOR THESE IMPORTANT UPDATES.
Coming back to this chart, BTC made a low at $9112 as per my last update. Currently it is making higher highs which is bullish in nature.
Currently Trading above 25D EMA ($9454) and 200D MA which is acting as a strong support at $9255.
Lower Trendline is also acting as a strong support so far. I have shown the two scenarios that seems likely to play out.
Resistance for the short term remains the 50D MA at $9552 and the red cluster zone.
If the price follows the white trendline which will lead to the formation of an inverse H&S will eventually break to the upside (unlikely but possible).
If not and we break and close below the 200D MA , be ready to buy BTC at $8800 and lower.
IMPORTANT NOTE (WARNING):
As of now most of the traders are posting bullish charts besides weekly candle got rejected from the global trendline Resistance. Guys I think a brutal breakdown is likely if we don't break the 10700 level soon.
So what should we do? I will be tethering the 9680 to 10200 level I I get the chance.
In case the price breaks above the 10700 mark I'll buy back in but IF the price goes to lower levels like $7800 $7400 or even $6800 I will have the opportunity to buy lower.
What do. you think?
Is it a good idea?
Please share your views and comments.
Follow me for more future updates and give it a thumbs up if you like this.
#PEACE