BTC done correcting or ready for another leg down?
BTC bounced from 34k USDT support level. It looks like an oversold bounce. It definitely ain't no trend reversal.
Currently its consolidating under a resistance level (grey block) around 36.5k. BTC price needs to reclaim 38k USDT level for more bullish continuation.
Reject at this level. And we are heading for 32k first, thereafter 30K USDT. Before possibly making a bullish divergence. CBrown is showing a small bullish divergence. CCI is still oversold. Price is below the Ichimoku cloud on this chart. Another thing I want to mention is the price on the weekly charts, the price is below the Ichimoku cloud as well. Which is a bearish signal.
Personally I don't try to buy bottoms. I will wait for BTC to reclaim 38k and for the 'Supertrend Ninja - Clean' to give a bullish signal (green vertical background color). Before making any Long trades. Otherwise I prefer to wait the correction out. Currently the trend is still bearish (red vertical background color).
Supports and Resistances are highlighted as grey blocks. Profits can be taken at each level.
Thank you for reading.
Namasté 🙏
Disclaimer: Ideas are for entertainment purposes only. Not financial advice. Your own due diligence is highly advised before entering trades. Past performance is no guarantee of future returns.
Currently its consolidating under a resistance level (grey block) around 36.5k. BTC price needs to reclaim 38k USDT level for more bullish continuation.
Reject at this level. And we are heading for 32k first, thereafter 30K USDT. Before possibly making a bullish divergence. CBrown is showing a small bullish divergence. CCI is still oversold. Price is below the Ichimoku cloud on this chart. Another thing I want to mention is the price on the weekly charts, the price is below the Ichimoku cloud as well. Which is a bearish signal.
Personally I don't try to buy bottoms. I will wait for BTC to reclaim 38k and for the 'Supertrend Ninja - Clean' to give a bullish signal (green vertical background color). Before making any Long trades. Otherwise I prefer to wait the correction out. Currently the trend is still bearish (red vertical background color).
Supports and Resistances are highlighted as grey blocks. Profits can be taken at each level.
Thank you for reading.
Namasté 🙏
Disclaimer: Ideas are for entertainment purposes only. Not financial advice. Your own due diligence is highly advised before entering trades. Past performance is no guarantee of future returns.
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