It is possible that BTC needs to backtest 42300 support to gain momentum to reverse and breakout the local channel at 48000. Bullish bat pattern is on formation.
BTC has been ranging since two days. I'm looking at its chart on 1H timeframe and realize that a diamond bottom pattern has formed. Price is on the left lower-edge of the diamond and RSI touches its trendline. I think in few hours this ranging would end and we'll know better about the trend on higher timeframe. Statistically, breakout is favored. Still I think...
I'm updating BTC chart with better XABCD ratio. We are heading to 39K...
I'm using Fib Time Zone and Fib Retracement to predict BTC trends. Clearly BTC has been bounded in a big channel. Now it needs to break local channel to start a new uptrend, until august to reach a new ATH.