Bitcoin ( update )
With reference to morning chart , btc bounceed from 50k as a relief rally and now testing resistance of 56k.. This is very important zone, 50day MA also at $56400.. BTC weekly candle also didn’t close below 55,800 in last 5 week.
So this zone is very important. if btc is not able to cross this zone than we can see 50k again...and if btc give us closing above 56,400 than it will give confidence to market..
On Positive side news "China positive move on bitcoin" is spreading in market.
On negative side, along with some bad news like Turkey ban, US Crackdown fears and China Blackout. Weekly Bearish RSI come into play in BTC chart..
Past trend says that upto 40% correction is common in bull trend and if we calculate numbers than it give support near $39000(65k-40%).
It didn’t means that we are bearish but we share full picture so that our members can understand complete scenario. Rest team will share update as per new data and chart formation..
Share this with others ✅
Bitcoin ( update )
With reference to morning chart , btc bounceed from 50k as a relief rally and now testing resistance of 56k.. This is very important zone, 50day MA also at $56400.. BTC weekly candle also didn’t close below 55,800 in last 5 week.
So this zone is very important. if btc is not able to cross this zone than we can see 50k again...and if btc give us closing above 56,400 than it will give confidence to market..
On Positive side news "China positive move on bitcoin" is spreading in market.
On negative side, along with some bad news like Turkey ban, US Crackdown fears and China Blackout. Weekly Bearish RSI come into play in BTC chart..
Past trend says that upto 40% correction is common in bull trend and if we calculate numbers than it give support near $39000(65k-40%).
It didn’t means that we are bearish but we share full picture so that our members can understand complete scenario. Rest team will share update as per new data and chart formation..
Share this with others ✅