LL/LH. Resistance at 70K, support at 50K
Bitcoin reached its peak at 70K, and since then it broke the trend and it has been doing a series of Lower Lows / Lower Highs, the pattern is corrective rather than bearish. We still have a support at 50K, which is critical if this is meant to hold and at least trade in the range. If this support is broken, basically it's the end of the bull chapter until the next time.
This chart depicts Bitcoin in the Weekly time frame, which is the big picture. The momentum has already entered a negative territory. and it is not good for the bull case. The rally we saw recently is in tandem with the rally in the
SPX, a relief rally, also known as a "Dead Cat Bounce". Once this is exhausted it could resume its leg to the bear territory.
I wouldn't open a bull position here, in this time frame, unless I see the support is confirmed and the momentum reverts to the bull side.
The important levels to watch : 50K, 60K, 70K.
Trade and Trade Well !
This chart depicts Bitcoin in the Weekly time frame, which is the big picture. The momentum has already entered a negative territory. and it is not good for the bull case. The rally we saw recently is in tandem with the rally in the
SPX, a relief rally, also known as a "Dead Cat Bounce". Once this is exhausted it could resume its leg to the bear territory. I wouldn't open a bull position here, in this time frame, unless I see the support is confirmed and the momentum reverts to the bull side.
The important levels to watch : 50K, 60K, 70K.
Trade and Trade Well !
Feragatname
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