Hello guys, I hope you all are doing well. Let's have a quick analysis on BTC in 8 hours timeframe.
BTC was under the dilemma of breakout or rejection but now we can clearly see that BTC is under the rejection zone. As per the chart, if BTC further rejects then we may possibly see it close to 19.3k where we have good support. The real question is, is this going to be the final drop before the rally or there is more to come? Considering the higher time frame, I don't think this could be the final bottom. If at all, BTC drops for any reason, 15k could possibly be the last dropping level as per the weekly timeframe. This is something that is way too long.
For now, 19.3k holds pretty good support for BTC and if it breaks below it then we can re-analyze the charts.
I hope this update was helpful for you all. Trade safely.
Hey there I agree fully with your bearish bias on BTCUSD, I too am looking for a sell and am looking to take profit will be at 19689.86, slightly above where the 61.8% Fibonacci line is located. Please check out my idea here: