After we broke out of the ascending wedge this afternoon, Bitcoin posted a fairly bullish pattern and almost immediately began trending up towards 64k.
I'm not convinced there won't be a deeper corrective wave along the way but assuming this show of strength holds, it should follow a similar trajectory to what I plotted here. I expect resistance at 64k, failure to breakthrough will send us to retest lower levels between 63 and 62.5k. If at any point we close below the March resistance zone around 61.5k that will be an extremely bearish signal and I would expect much deeper corrections to come.
My target here is still at least 70k for the next top in the cycle but it appears that MM are in no hurry to get there, which will prove very fruitful for our altcoins and the general health of the Bitcoin market.
I'm not convinced there won't be a deeper corrective wave along the way but assuming this show of strength holds, it should follow a similar trajectory to what I plotted here. I expect resistance at 64k, failure to breakthrough will send us to retest lower levels between 63 and 62.5k. If at any point we close below the March resistance zone around 61.5k that will be an extremely bearish signal and I would expect much deeper corrections to come.
My target here is still at least 70k for the next top in the cycle but it appears that MM are in no hurry to get there, which will prove very fruitful for our altcoins and the general health of the Bitcoin market.
Comment:
Still on target, we'll see what overnight brings. Best of luck traders.