A Reversal or Relief Bounce?
Hi Champ!
Bitcoin has been looking good on LTF -lower time frame over the last few days.
It’s always good to see new HL-higher lows printing after a destructive downtrend.
On the daily as well, Bitcoin seems to have established support around 32,900 which is a macro higher low. You can see Alts showing great strength in recovery lately.
However, it’s important to understand that if at all there’s a reversal on the cards from here, Bitcoin faces an uphill task with a couple of key resistance ahead - 39500, 43600, 47,500.
A flip above those levels will bring back bullish sentiments.
One thing I must point out is that there will be sellers - a group of traders who think it’s a relief bounce and want to cut losses; another group of derivative traders who unsentimentally trade what they see and short the resistances (of course the setup will be most juicy for short-sellers at key resistances).
You should watch my latest BTC analysis below. I hope this guides you in your trading decisions over the coming days.
Enjoy your day!