Bitcoin price action
Bitcoin / TetherUS BINANCE:BTCUSDT
BTC is currently on a parallel channel and now on the apex of triangle. Two scenarios are expected to happen soon: a breakout from the trendline or a breakdown from the 0.618, trendline, and support area . In case the price breaks down, we are expecting a bounce at 37k – 37.5k because it is a strong support. In 1D Timeframe, we are still in an uptrend market, if the price wouldn’t able to hold 37k, there will be a change of market structure as it will create a lower low and will result to a downtrend market. Moreover, MACD in 1D shows weakening of selling pressure, it can be used as a signal for a possible trend reversal.
