Bitcoin Chart Analysis: Max Red Candles:-
The $BTC chart has been seeing a lot of red candles recently, indicating a strong downward trend. As per the chart, the strong support has broken down, and Bitcoin is now trading at $21700. The support that was once strong has now become a strong resistance level, so traders need to be cautious and activate short positions.
If you are already in a short position, you might be in good profit, but it is essential not to forget to place a stop loss. As per the chart, the current stop loss should be above the white next line resistance.
Based on the current chart analysis, I am expecting Bitcoin to test the $18500 level again. If this happens, it is recommended to grab some BTC.
The support and resistance levels are as follows:
Support: $18700
Resistance: $22400
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