Right now it appears that although Bitcoin has made new highs, it hasn't made much substantial progress from there. On the weekly the Long term Stoch RSI has only begun curving downwards from overbought area painting a bearish bias. However, the daily is currently sitting in oversold territory, this also suggests there is a chance of price increase in shorter term. Long term it appears to be forming a double top, despite having made new highs, more commonly lower highs. A break down in the current downtrend may find support touching neckline of $30,000 before a small relief rally, breaking down further to as low as $18,000-20,000 range. I believe trend channels like to be tested inherent to their own validation. From there we re-evaluate the overall trend.
On the contrary, if we bounce off the trend line we may be well on the way for yet more highs. We have the current trend line, and oversold daily RSI to back.
On the contrary, if we bounce off the trend line we may be well on the way for yet more highs. We have the current trend line, and oversold daily RSI to back.