CRYPTO MECHANIC
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Bitcoin Back Above $90,000 | Is It A Trap?
Didn't know i will have to write a long update again but well here we are with another $BTC update
If you didn't read my last Bitcoin Updates you can read it here 👇
Bitcoin Update April 21 👈
Lets Dive into it now.
BTCUSD (Weekly)
The weekly chart i have been sharing in all my updates. That bitcoin needs to reclaim this broken range then we can say its ready to go for the new highs.
So far the current weekly looks great. The strength can be seen there. But i think its too early to call that we are officially back in the bull market because weekly have 4 more days in it.
Why it looks great?
This rebound will mark a huge fake-out/Bear trap on the weekly chart and will fade the hopes of buying Bitcoin under $70k.
The move is sharp because its triggered by short liquidations and the $90k key breakout. As i have been saying there are more bears than the bulls in the market and they got beaten up.
So what to expect?
Like i said the weekly have 4 more days in it so the chart is not that useful for now but overall. The current picture is great.
Lets Drop it down to Daily chart.
BTCUSD (Daily)
This is the chart i shared in one of my updates when Bitcoin was trading around $84k. You can read that update here 👇
Bitcoin update April 14
And This is where we are right now
Sitting at a key zone
Will We see the downside?
I am not someone who talk in open air and force his analysis on market. You will never see me doing that because i know i am not the one controlling this market. And i am here to make money not to be right or wrong on his analysis.
So when is it possible to expect downside?
Without any doubt this is the major zone on chart that bears may try to defend. If you missed to catch this move, You should not be chasing it here knowing that this is the bears "Red Line" in my opinion.
Bitcoin's Reaction here is super critical imo.
If we show any signs of weakness.
This is exactly where the weekly lower high is meant to form.
Where will we get the confirmation of the downside?
Like i said, Everything with a reason.
Daily chart broke its series of lower highs, That means it came out of its downtrend.
As long as price is holding above $88k - $90k zone, I think the chart looks fine and there is no confirmation of the downside.
Key Zone to Keep an eye on : $88k-90k
This is it for now, The next update will be on Monday After Weekly Close or i will keep you updated if i see any changes.
If you didn't read my last Bitcoin Updates you can read it here 👇
Bitcoin Update April 21 👈
Lets Dive into it now.
BTCUSD (Weekly)
The weekly chart i have been sharing in all my updates. That bitcoin needs to reclaim this broken range then we can say its ready to go for the new highs.
So far the current weekly looks great. The strength can be seen there. But i think its too early to call that we are officially back in the bull market because weekly have 4 more days in it.
Why it looks great?
This rebound will mark a huge fake-out/Bear trap on the weekly chart and will fade the hopes of buying Bitcoin under $70k.
The move is sharp because its triggered by short liquidations and the $90k key breakout. As i have been saying there are more bears than the bulls in the market and they got beaten up.
So what to expect?
Like i said the weekly have 4 more days in it so the chart is not that useful for now but overall. The current picture is great.
Lets Drop it down to Daily chart.
BTCUSD (Daily)
This is the chart i shared in one of my updates when Bitcoin was trading around $84k. You can read that update here 👇
Bitcoin update April 14
And This is where we are right now
Sitting at a key zone
Will We see the downside?
I am not someone who talk in open air and force his analysis on market. You will never see me doing that because i know i am not the one controlling this market. And i am here to make money not to be right or wrong on his analysis.
So when is it possible to expect downside?
Without any doubt this is the major zone on chart that bears may try to defend. If you missed to catch this move, You should not be chasing it here knowing that this is the bears "Red Line" in my opinion.
Bitcoin's Reaction here is super critical imo.
If we show any signs of weakness.
This is exactly where the weekly lower high is meant to form.
Where will we get the confirmation of the downside?
Like i said, Everything with a reason.
Daily chart broke its series of lower highs, That means it came out of its downtrend.
As long as price is holding above $88k - $90k zone, I think the chart looks fine and there is no confirmation of the downside.
Key Zone to Keep an eye on : $88k-90k
This is it for now, The next update will be on Monday After Weekly Close or i will keep you updated if i see any changes.
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.