We have a very clear descending channel pattern on the 4H chart.
A second ago BTC retested the bottom support zone, which is a pretty strong support.
A descending channel can break both ways, and thus there are 2 options.
1. We break through the top => next target @ 69k $.
2. We fall through the support => Retest support @ 57k $ => If this doesnt hold, major correction.
Lets hope that the top side will break so that we can continue the bull market. Keep in mind that the pie cycle top indicator flashed this week.
This is not a good signal, but as long as we hold the weekly trendline and keep setting new highs, we should be fine.
A second ago BTC retested the bottom support zone, which is a pretty strong support.
A descending channel can break both ways, and thus there are 2 options.
1. We break through the top => next target @ 69k $.
2. We fall through the support => Retest support @ 57k $ => If this doesnt hold, major correction.
Lets hope that the top side will break so that we can continue the bull market. Keep in mind that the pie cycle top indicator flashed this week.
This is not a good signal, but as long as we hold the weekly trendline and keep setting new highs, we should be fine.