I was always 71k bullish with BTC, but yesterday, we had a quick dive to the 63k zone, a follower asked me yesterday, if my analysis is still valid. So yesterday, I said yes. However, this post came late since I was extra busy yesterday🤭.
Again, yes, I have no slight doubt. One thing about candles is that they move in zigzag because fact is, people would tend to sell at market when they see a good price. But when the selling pressure is weak, candles will bounce back up, because in the first place, the buying volume was never enough to push the price down.
So back with BTC's status now, in my previous analysis, I have outlined the KDJ support available. These support are strong buying points since at this price the whales and retail investors are litterally buying huge amount of BTC in FOMO. Since this is a strong buy zone, it will always try to hold the price up in case there's a sell off.
If you will check my previous post, I have outlined 64.9k as a strong KDJ support, and so when price dropped to 63k yesterday, the bulls ambushed the market pushing the price back up to as high as 67k. So you see, thats how price action works. 😁
Its ironic why a lot of traders are not even using the KDJ when it's simply the most accurate.
Anyhow, KDJ oscillator is still suggesting a bounce back to the 68k zone, and consequently 71k. If you're trading in spot, it's never too late to stack. If you're in future's find a good short term KDJ support, and make the appropriate long entry. Set a 2% stop loss since we are still having a highly volatile market.
Ohh, if you've been reading my post and has found it helpful, feel free to FOLLOW.
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