BITCOIN - Correction ⚠️
Let's see how BTC is behaving.
This is a 4H chart. (Mid-Term)
The Fib retracement shows that our resistance area has rejected the price, and now it's correcting. It's a given that all markets are now fragile, so be careful with your positions. Another support level will hold the price up in case of new dumps.
Support levels: $37000 - $41000
Resistance Area: $45414
Bollinger Bands can work as support and resistance too. Here is an example:
The market is showing SELL volumes for BTC.
Two resistance levels push down on value, and one support level holds the price high and shows strength. The higher band can work as resistance.
The Middle Bollinger Band can push down the value, and the Lower band pushes the price up.
If the price crosses the local resistance and stays above it for confirmation, we can open our long positions, aim for the next resistance, and use it as a TP point.
The RSI shows that BTC is below the 50 levels, the center.
If you want to know how the RSI indicator works, take a look at this Educational Idea. It'll help you have better readings:
Current Market Price: $41241
Let me know your ideas.
Good luck.
This is a 4H chart. (Mid-Term)
The Fib retracement shows that our resistance area has rejected the price, and now it's correcting. It's a given that all markets are now fragile, so be careful with your positions. Another support level will hold the price up in case of new dumps.
Support levels: $37000 - $41000
Resistance Area: $45414
Bollinger Bands can work as support and resistance too. Here is an example:
The market is showing SELL volumes for BTC.
Two resistance levels push down on value, and one support level holds the price high and shows strength. The higher band can work as resistance.
The Middle Bollinger Band can push down the value, and the Lower band pushes the price up.
If the price crosses the local resistance and stays above it for confirmation, we can open our long positions, aim for the next resistance, and use it as a TP point.
The RSI shows that BTC is below the 50 levels, the center.
If you want to know how the RSI indicator works, take a look at this Educational Idea. It'll help you have better readings:
Current Market Price: $41241
Let me know your ideas.
Good luck.
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