Hi guys.
Here are my thoughts on BTC: on H4 it just broke below the main level of support. Price is now testing it as resistance. Previously it failed to close above 30.6k and now it has retraced back to 28.6k.
I think despite that despite the bullish impulse we saw recently with the SP500, Bitcoin will still not manage to catch up and drop further down to test once again 24-27k.
Wicks are usually retested with Bitcoin and probably in the next weeks we are going to see another move down to this level again.
If demand is strong enough and the price moves up from 24-27k, it will confirm this range as a consolidation level, rather than a redistribution level for Bitcoin.
If you enjoyed the chart, live a like and let me know in the comments your thoughts about BTC.
Have a great weekend!
Here are my thoughts on BTC: on H4 it just broke below the main level of support. Price is now testing it as resistance. Previously it failed to close above 30.6k and now it has retraced back to 28.6k.
I think despite that despite the bullish impulse we saw recently with the SP500, Bitcoin will still not manage to catch up and drop further down to test once again 24-27k.
Wicks are usually retested with Bitcoin and probably in the next weeks we are going to see another move down to this level again.
If demand is strong enough and the price moves up from 24-27k, it will confirm this range as a consolidation level, rather than a redistribution level for Bitcoin.
If you enjoyed the chart, live a like and let me know in the comments your thoughts about BTC.
Have a great weekend!
King