Bitcoin Needs More Bull Power to Cross $69,800
I am sorry I could not publish charts for 2 days, however in my last update I had shared the zones to come. If you have read my last chart idea, you would knew what was going to happen.
When I published my last chart we were at mark X, and I told you that there are chances BTC would move up and try to break the upper resistance and on failure it will retest the support at 1, that is exactly what happened.
A tip : Always keep in mind, when you are trading, you are against the market of pros - The Market Makers. They are not normal traders, they have deep knowledge of the mindset of a normal trader. So when market gains too much green, in market language it is called Trader greed, and when market is too much red, its Trader fear.
So when there is too much green they will drop the asset price and will earn from it, and when the traders are in red (shorting an asset), they will pump the price to liquidate people. You would have seen multiple times. Since I started writing charts, I am always awaring you of zones where this can happen.
Let's talk about the current situation.
At this moment MA20 is holding the price, however this is not the strongest of all MAs. There is a chance that we fall from this zone, and btc try to retest the lastest zone (the light orange zone with red border). The last time this zone was tested it failed, meaning this is not a solid support and hence the responsibility to hold btc price fall goes to MA50. There are very light chances this particular zone has become a good zone, but data does not show enough power here.
As we know, the area of $69,800 is an old ATH of btc, and hence it has a high resistance. It will take atleast 5 attempts in normal cases or multiple hits with a good volume to cross it. Or if super charged bulls enter the market, this can be crossed within a day.
I have told you before multiple times, it is easy to go red and very very difficult to go green.
You can understand it like gravity, its easy to drop a thing than to make it fly.
The MACD as of now shows that Bulls have reduced power and Bears are slowly gaining the control. There are huge chances we might retest the support level 1 with MA 100 hovering over it.
When even market is green, MMs will dump it and when market is red and every one starts to short, MMs will do a sudden pump. Stay ALert!
When I published my last chart we were at mark X, and I told you that there are chances BTC would move up and try to break the upper resistance and on failure it will retest the support at 1, that is exactly what happened.
A tip : Always keep in mind, when you are trading, you are against the market of pros - The Market Makers. They are not normal traders, they have deep knowledge of the mindset of a normal trader. So when market gains too much green, in market language it is called Trader greed, and when market is too much red, its Trader fear.
So when there is too much green they will drop the asset price and will earn from it, and when the traders are in red (shorting an asset), they will pump the price to liquidate people. You would have seen multiple times. Since I started writing charts, I am always awaring you of zones where this can happen.
Let's talk about the current situation.
At this moment MA20 is holding the price, however this is not the strongest of all MAs. There is a chance that we fall from this zone, and btc try to retest the lastest zone (the light orange zone with red border). The last time this zone was tested it failed, meaning this is not a solid support and hence the responsibility to hold btc price fall goes to MA50. There are very light chances this particular zone has become a good zone, but data does not show enough power here.
As we know, the area of $69,800 is an old ATH of btc, and hence it has a high resistance. It will take atleast 5 attempts in normal cases or multiple hits with a good volume to cross it. Or if super charged bulls enter the market, this can be crossed within a day.
I have told you before multiple times, it is easy to go red and very very difficult to go green.
You can understand it like gravity, its easy to drop a thing than to make it fly.
The MACD as of now shows that Bulls have reduced power and Bears are slowly gaining the control. There are huge chances we might retest the support level 1 with MA 100 hovering over it.
When even market is green, MMs will dump it and when market is red and every one starts to short, MMs will do a sudden pump. Stay ALert!
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