BTCUSDT: Was It a False Breakout? 😳 | Oct 28, 2022
A strong breakout can finally be seen in BTC after it broke the resistance at $20,000 on Wednesday! The long-awaited breakout was seen after multiple attempts, and it has now opened a new range for Bitcoin to trade in, with the upper barrier being at $21,800.
Earlier this week, the SPX rallied strongly which helped Bitcoin break the long-standing resistance. However, at the time of writing, the price is retesting the breakout zone. It is very important for the price to sustain over $20,000 to keep the bullish view standing.
If a successful retest is seen after the price is able to bounce back from the support level at $20,000, traders can expect a positive week ahead!
However, if the retest is unsuccessful, traders should steer clear of any long positions until the $20,000 mark is reclaimed. They can also expect the price to fall back to $19,000 if the breakout does not sustain (perceived as a fakeout). Until the retest is successful, we cannot rule out the chances of a false breakout, and for this reason, we will be maintaining a neutral outlook for this week!
The major points of interest are $21,800 and $20,000.
Remember that this is all based on the subjective views of the writer. As always, DYOR!
For more expert analyses, check out our Trading Analysis section (link in bio)!
Earlier this week, the SPX rallied strongly which helped Bitcoin break the long-standing resistance. However, at the time of writing, the price is retesting the breakout zone. It is very important for the price to sustain over $20,000 to keep the bullish view standing.
If a successful retest is seen after the price is able to bounce back from the support level at $20,000, traders can expect a positive week ahead!
However, if the retest is unsuccessful, traders should steer clear of any long positions until the $20,000 mark is reclaimed. They can also expect the price to fall back to $19,000 if the breakout does not sustain (perceived as a fakeout). Until the retest is successful, we cannot rule out the chances of a false breakout, and for this reason, we will be maintaining a neutral outlook for this week!
The major points of interest are $21,800 and $20,000.
Remember that this is all based on the subjective views of the writer. As always, DYOR!
For more expert analyses, check out our Trading Analysis section (link in bio)!
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