BTC Daily update - New structure has been formed👀

2 авг. 2022 г.

For the last couple days we saw BTC falling, scaring a lot of bulls away.
Finally we came to an interesting level at 22500 which we retested as support when we were rising to 24700.

Locally we also have a trendline on top, which makes BTC locally bearish until we squeeze to it and break it.

Usually marketmaker plays his cards when maximum amount of traders get trapped and that happens in the end of formations. Here we can see a level as support and trendline as resistance which makes it a Descending triangle

Approach of the level is too sharp and happened after a long break, that's why I expect a local bounce from it.

What to trade?
Look for strong zones of interest in altcoins that may act as support when BTC will touch this level.

What do you think of this idea? What is your opinion? Share it in the comments📄🖌
If you like the idea, please give it a like. This is the best "Thank you!" for the author 😊

P.S. Always do your own analysis before a trade. Put a stop loss. Fix profit in parts. Withdraw profits in fiat and reward yourself and your loved ones