Bitcoin / U.S. Dollar, with the symbol BTCUSD , formed a class II pattern on the 4h chart as of January 13, 2021. If Bitcoin continues to trade in the two lines then, I continue to believe this will be the path to how Bitcoins will retest the previous high.
This price forecast is made based on the following concepts:
However, if the price fails to continue in that two lines then we are looking at Bitcoin / U.S. Dollar in the danger zone I marked, and possibly facing ahead more selling pressure. If that happens, this price prediction will be invalid and a new price prediction will be needed later.
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Disclosure: Chart interpreted and article prepared by Greenfield. A market idea by Greenfield Analysis LLC for educational material only.