Bitcoin has seen some bullish price action in the past two days. From the technical analysis perspective, this recent move isn't a buy signal. Why? Well, we're still consolidating below the 200 moving average. Therefore, I would like to see the price consolidate above this level at around 43k to start considering the possibility of a recovery.
This leads us to two main scenarios as seen in the chart. As seen in the first scenario, I'm still not ruling out the possibility of us testing the 20,000 level which corresponds with the 2017 cycle peak.
This leads us to two main scenarios as seen in the chart. As seen in the first scenario, I'm still not ruling out the possibility of us testing the 20,000 level which corresponds with the 2017 cycle peak.