How are you my investor friends?
Last March 19th we were analyzing BTC, where we found it inside a triangle.
We talked about two possible scenarios, one bullish and one bearish. And today we found a downward breakout of the triangle pattern taking BTC to the support zone at $54,000 (blue line), where it has bounced strongly.
I fear now BTC will be locked in a channel between $60000 and $54000.
In case of a downward break the next supports would be $52000 and $50000, where the 0.618 Fibonacci of the last high is also located.
Bitcoin must stay above these last supports to remain bullish at least in the short and medium term.
On the contrary, if Bitcoin manages to break out of the channel by breaking the $60000 ceiling. It could resume its bullish continuation to new all-time highs.
Personal opinion
I would really like to see Bitcoin correcting even further to prices of $44000 or a bit more. If we look at the monthly chart we realize that the rise is completely insane.
Correction is necessary for the health of BTC. Leave me your opinion in the comments box.
Best regards colleagues!
Important
The information provided in this publication should not be considered as an investment recommendation. Trading cryptocurrencies, forex, stocks, among others, is risky.