🔥 Bitcoin Bearish Channel Bounce: Short-Term Uptrend Incoming?

13 May 2023

In my most recent BTC analysis I talked about a potential break out of the bearish channel that we've been trading in for a couple of weeks.

After a failed bullish break out, we moved back towards the bottom support of the pattern. The reversal from the bottom was quite powerful, so I wouldn't be surprised if we see a couple of bullish days ahead.

Bullish target at the channel's resistance. Preferably, I want to see a move above 27k to confirm the reversal.

Longer-term the chart seems more bearish. Still expecting a move towards the Summer 2022 highs, as explained below.

15 May 2023

Not

The reversal has been confirmed. Still far from oversold on longer-term timeframes. Looking for a move towards the blue area over the next few days.