Hello guys, welcome to this BTC update. I going to keep it easy and straightforward.
Time frame: 8 hours.
Recap: BTC couldn't keep up with the $23.5k to $23.5k support range in 4 hours TF. My previous post mentioned the bearish rising wedge pattern, which broke down hard.
Update: In the last 5 and half days, BTC has dropped by -15% and we can literally see the entire market reacting accordingly. In this 8 hours TF, we have strong support at $21k and BTC must hold this support line by any means. We can expect a bounce anywhere close to the support range only if BTC manages to stay above the $21k range. Dropping below this range will be critical.
Can this be a good time for accumulation?
- If BTC holds this level then yes, it will be a good range for accumulation. I am accumulating BTC at this range.
I hope this update is helpful for you.
Trade safely.
Time frame: 8 hours.
Recap: BTC couldn't keep up with the $23.5k to $23.5k support range in 4 hours TF. My previous post mentioned the bearish rising wedge pattern, which broke down hard.
Update: In the last 5 and half days, BTC has dropped by -15% and we can literally see the entire market reacting accordingly. In this 8 hours TF, we have strong support at $21k and BTC must hold this support line by any means. We can expect a bounce anywhere close to the support range only if BTC manages to stay above the $21k range. Dropping below this range will be critical.
Can this be a good time for accumulation?
- If BTC holds this level then yes, it will be a good range for accumulation. I am accumulating BTC at this range.
I hope this update is helpful for you.
Trade safely.
BTC Update:
After a 10.5% drop in the last 24 hours, BTC is showing some sign of recovery. This could be a good range for accumulation on spot. If BTC drops below $21k, we can wait for another confirmed accumulation zone. An hour left for this candle to close, let us see how the next candle will play out.
Trade safely.