BTC quick update.
Hello folks, we finally have the daily close on #BTC at 44.3k, but the danger is not over yet. After yesterday's sudden bounce in BTC, the price took a pause close to 44.8k. This is the exact spot where in the past we had the shadows. If it is too good to be true, then BTC is likely to face rejection again. I would love to see Bitcoin breaking out all barriers and reaching higher levels, but I can't be biased. I am simply analyzing the best possible scenario and presenting it in front of you.
Here's my conclusion: in this 8-hour TF, BTC must break above the blue box to reach the initial 47k resistance and then continue its higher rally. Failing to do so will show rejection, with 43.4k serving as the initial support.
Note: Other timeframes may not show the same information as this chart. Therefore, it is advisable to analyze charts on different timeframes. This post is only for educational purposes.
Regards,
Dexter.
Here's my conclusion: in this 8-hour TF, BTC must break above the blue box to reach the initial 47k resistance and then continue its higher rally. Failing to do so will show rejection, with 43.4k serving as the initial support.
Note: Other timeframes may not show the same information as this chart. Therefore, it is advisable to analyze charts on different timeframes. This post is only for educational purposes.
Regards,
Dexter.
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