Good evening, trader. BTC Quick Update 🌚
Last time, I mentioned that BTC must bounce from $60,000. I also gave six reasons why it needed to bounce from there.
BTC accurately bounced and hit $63,800, but it’s now facing resistance in the major zone of $62,800 - $63,500. It has come down to fill last weekend's CME gap, which is now successfully filled.
According to my analysis, BTC needs to hold above $60,000 for two reasons:
1. Psychologically, $60,000 is a strong support level.
2. The weekly ascending trendline is holding.
If BTC doesn't hold at $59,600, we could see it drop to $58,500 (green zone).
If BTC holds at $60,000, it could easily pump to $64,125 to grab the buy-side stop loss.
However, BTC is now showing weak momentum. Use a stop loss for your BTC.
I have added a 1D chart with the possible green zone.