Hello folks, welcome to this quick update on BTC in 3 hours timeframe.
The latest BTC price drop made the news that BTC is likely to hit the $37k to $38k level but the price dropped to $39573 and from there we saw a positive bounce to $44k.
Now the question arises- Is $39k the bottom for BTC? Is it bullish again? Are we gonna reach the ATH?
Well, there are certain key aspects we need to keep in mind before getting to a conclusion.
1. BTC is above the $40k level and it is under an important area between the $43k and $44k. Once we break above this level then there is a possibility that BTC can reach $46k to $47k soon.
2. As you can notice in the chart that BTC is making a falling wedge pattern and to complete this pattern either BTC will reach the $46k level and then drop down or it could drop down from the current price back to $39k to $40k and then bounce back.
3. If BTC is bullish then we may see the price reaching the $46k level and from there a sideways consolidation for a while and then a breakout towards the $50k level.
If you are holding any trades right now then be vigilant with the blue box. A drop below these levels won't be good for the trades whereas a breakout will be worth holding the trades.
What do you think about the BTC price move?
Do you think $39k was the bottom?
Do you think BTC could reach back to $50k?
Do hit the like button and share your views.
Every single likes and comment are highly appreciated and it motivates me to post more quality updates.
See you guys soon with a new update.
The latest BTC price drop made the news that BTC is likely to hit the $37k to $38k level but the price dropped to $39573 and from there we saw a positive bounce to $44k.
Now the question arises- Is $39k the bottom for BTC? Is it bullish again? Are we gonna reach the ATH?
Well, there are certain key aspects we need to keep in mind before getting to a conclusion.
1. BTC is above the $40k level and it is under an important area between the $43k and $44k. Once we break above this level then there is a possibility that BTC can reach $46k to $47k soon.
2. As you can notice in the chart that BTC is making a falling wedge pattern and to complete this pattern either BTC will reach the $46k level and then drop down or it could drop down from the current price back to $39k to $40k and then bounce back.
3. If BTC is bullish then we may see the price reaching the $46k level and from there a sideways consolidation for a while and then a breakout towards the $50k level.
If you are holding any trades right now then be vigilant with the blue box. A drop below these levels won't be good for the trades whereas a breakout will be worth holding the trades.
What do you think about the BTC price move?
Do you think $39k was the bottom?
Do you think BTC could reach back to $50k?
Do hit the like button and share your views.
Every single likes and comment are highly appreciated and it motivates me to post more quality updates.
See you guys soon with a new update.
