BTC Update

Here's a quick look at BTC 4 hr chart. As we can see, the price broke down from the rising channel and went all the way down to 53k where we found some support and bounced. Then the price formed a new descending triangle, and has now broke down from it. The price went down to 50.400$ and found some support and bounced back into the new falling channel. The price has almost tested the upper trendline and we might see a small pullback here. Otherwise if we break the upper trendline, we might get to new ATH!

One thing to keep in mind is that Bitcoin is very correlated to the big stocks, hence if the stocks are down, we should then expect a pullback from bitcoin. However the fear in the market is growing, and we should be cautious trading right now.

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BTC dictates the market. If BTC falls, then Alts will fall as well. BTC needs to get stable before alts can run. Trade safe!