BEWARE : Bitcoin Price in an UNCERTAIN zone
In the last 2 days, Bitcoin has received support from the $66,000 zone [2] four times, and the rejection from $67,800 twice and from $68,700 one time.
A simple rule, the more the hit the weaken the support or resistance becomes.
As discussed in the previous post, Bitcoin price came down to take support from level 2, and bounced back. Now the previous support level 1 has become the resistance.
{When price crosses its support and goes under it, the support turns into a resistance, and vice-versa}
As of the current chart, btc is taking rejection from Level 1. Once it over comes, this level will again become a support and hence helping the btc in its rise again.
In case it receives high resistance from this elvel, the next support would be the fib level around $65,800.
The enxt few hours are very crutial. Perpentul data shows that as compared to long positions at this range, traders have more short positions. This can cause the btc price to get struck in this zone for a while before taking any side. Trade should be avoided as this would be veru risky in an uncertain environment.
In the next 10 hours, btc should have chosen a side. In such situations, the market liquidates both sides by playing double side. a sudden price movement to one side first and then taking a U-turn.
Traders were advised to remain cautious
A simple rule, the more the hit the weaken the support or resistance becomes.
As discussed in the previous post, Bitcoin price came down to take support from level 2, and bounced back. Now the previous support level 1 has become the resistance.
{When price crosses its support and goes under it, the support turns into a resistance, and vice-versa}
As of the current chart, btc is taking rejection from Level 1. Once it over comes, this level will again become a support and hence helping the btc in its rise again.
In case it receives high resistance from this elvel, the next support would be the fib level around $65,800.
The enxt few hours are very crutial. Perpentul data shows that as compared to long positions at this range, traders have more short positions. This can cause the btc price to get struck in this zone for a while before taking any side. Trade should be avoided as this would be veru risky in an uncertain environment.
In the next 10 hours, btc should have chosen a side. In such situations, the market liquidates both sides by playing double side. a sudden price movement to one side first and then taking a U-turn.
Traders were advised to remain cautious
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