Hello traders, I hope you guys are doing good. Here's a quick update on BTC in a lower timeframe.
Timeframe: 8 hours.
Update: BTC is still not bullish. It did perfectly bounce back from the $18.5k to $19k support level but currently, it is struggling to break above the $22k resistance level. If BTC fails to break above this level then we can expect another drop in the market. The RSI is already close to the overbought zone.
Conclusion: BTC is still in a critical zone. Holding leverage positions for long in this unstable market will be risky. You may take short or long calls for scalping but make sure that it is for a shorter period of time.
Note: Take the risk that you can effort to lose but knowingly do not jump into a bad trade. When you know and see that market is in a risky zone, stay aside.
I hope this update is helpful for you. Thank you for supporting me.
God bless.
Timeframe: 8 hours.
Update: BTC is still not bullish. It did perfectly bounce back from the $18.5k to $19k support level but currently, it is struggling to break above the $22k resistance level. If BTC fails to break above this level then we can expect another drop in the market. The RSI is already close to the overbought zone.
Conclusion: BTC is still in a critical zone. Holding leverage positions for long in this unstable market will be risky. You may take short or long calls for scalping but make sure that it is for a shorter period of time.
Note: Take the risk that you can effort to lose but knowingly do not jump into a bad trade. When you know and see that market is in a risky zone, stay aside.
I hope this update is helpful for you. Thank you for supporting me.
God bless.
