đȘ$BTC Update:
As you can see, our previous $BTC update played out perfectly. Now, looking at the chart, we're at the same point where we previously saw rejection, followed by a fall to our strongest support, the 100 EMA (4HR TF).
We've been consolidating within this range for a few days now. In terms of a bearish scenario, if we reject from here, it would form a perfect double top within this range. However, as discussed in the previous update, shorting isn't worth it.
It's worth noting that we're not only facing resistance on the daily timeframe but also on the monthly timeframe. If we break this range downwards, we have a smaller support zone at the $43,000 - $44,000 range, which should be a healthy correction in my opinion.
However, we can't ignore the fact that if this resistance is broken upside, we should prepare for a full-blown altseason with the expectation of $BTC reaching the next level around $52,000.
What should we do now?
This current market is a time where no new trades should be opened. If you're holding and trailing our previous long from $39,600 or $42,500, keep your stop loss at the entry point and consider booking more profits.
If you don't have any positions, it's not advisable to open even a long position here as you could get trapped in this scenario. Wait until we break this resistance and hold it on the daily timeframe.
In both scenarios, like before, we will share trade opportunities for everyone.
Follow me for updates
