Bitcoin bounce to test resistance at 2340 (up to 2595)

The Bitcoin price consolidated on the blue support line (see chart below) and appears to re-test the highs of the early November rally. I see a maximum retest at 2595 (see chart below)

Long entry: 2100
Stop loss: 2045
First target: 2340
Second target: 2595

P:S: Right before I posted the chart, the current candle was also trending up (green). Just imagine a green color not a blue color there :)

Blue support line and highest resistance:

Here is the chart just with the first target and monthly support and resistance prices, as well as the monthly pivot (green):

Yorum:

Instead of a slow rise until next week to my long target at 2340 CNY the market spiked up in just 12 hours even higher to 2375 CNY. I closed half of my long positions.

My second long target remains at 2595 CNY, but since this rally was way too fast I currently doubt that the market will reach it.

Yorum:

The trend changed as expected (red arrow on the main chart above) back into a correction. This could be the start of a larger downtrend: