Where i've drawn the circle is a huge area of value for bitcoin. There is the 52k support (yellow horizontal line), there is the channel support (teal line) there is the fib 0.5 to 0.61 support (shaded area) and the 200ema is approaching this area (red line). So massive amounts of support from all angles.
If these support break, bitcoin will probably have a big move to the downside. However if the resistance downtrend line (orange line) breaks with conviction, bitcoin can still be considered to be in an uptrend and could hit new highes as it go towards the top of the channel again.
Lets see what happens.
If these support break, bitcoin will probably have a big move to the downside. However if the resistance downtrend line (orange line) breaks with conviction, bitcoin can still be considered to be in an uptrend and could hit new highes as it go towards the top of the channel again.
Lets see what happens.