BTCUSD hanging on a cliff
Fellow traders,
As stated earlier the post squeeze opening of BBands indicated potential danger of a further drop in price, which, hasn’t taken place as of yet.
Today’s candle is going to close in about 14 hours. BTCUSD pair finds itself in a peculiar situation right now. So far the upcoming golden cross hasn’t been reflected in price action. It looks like it got stuck to the 200 and 50 SMA. Weekly chart doesn’t look bad from bullish perspective. It is holding 21SMA as a support and we’ll see more bullish action if it continues to do so. However, Bitcoin is going to drop a lot lower in case of breaking the support of 21SMA on the weekly. In fact we’ll enter a bear market if that plays out, which, it doesn’t have to. With traditional markets seeing an insanely powerful uptrend the entire crypto market may be pulled along to the upside.
Please share your thoughts.
Have a great week and happy trades!
As stated earlier the post squeeze opening of BBands indicated potential danger of a further drop in price, which, hasn’t taken place as of yet.
Today’s candle is going to close in about 14 hours. BTCUSD pair finds itself in a peculiar situation right now. So far the upcoming golden cross hasn’t been reflected in price action. It looks like it got stuck to the 200 and 50 SMA. Weekly chart doesn’t look bad from bullish perspective. It is holding 21SMA as a support and we’ll see more bullish action if it continues to do so. However, Bitcoin is going to drop a lot lower in case of breaking the support of 21SMA on the weekly. In fact we’ll enter a bear market if that plays out, which, it doesn’t have to. With traditional markets seeing an insanely powerful uptrend the entire crypto market may be pulled along to the upside.
Please share your thoughts.
Have a great week and happy trades!
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