The technical analysis idea on a 1H linear scale chart for Bitcoin ( BTC ).
The chart is self-explanatory. The price broke out of the Descending Parallel Channel and re-tested the top trendline. After the re-test the price moved up to the $48K area but was rejected and now attempting to move back up again. If the price can not break the 0.786 Fibonacci Retracement level, it may go to the 0.382 - 0.236 level or even lower (back into the Descending Parallel Channel ). There is a Double Top Formation that may play out which is bearish . The RSI is being met with a resistance line and if it does not break above that line, the RSI may fall (indicating the price may fall). Getting back to the $53K price area is not going to be that easy unless a whale comes to buy!
The chart is self-explanatory. The price broke out of the Descending Parallel Channel and re-tested the top trendline. After the re-test the price moved up to the $48K area but was rejected and now attempting to move back up again. If the price can not break the 0.786 Fibonacci Retracement level, it may go to the 0.382 - 0.236 level or even lower (back into the Descending Parallel Channel ). There is a Double Top Formation that may play out which is bearish . The RSI is being met with a resistance line and if it does not break above that line, the RSI may fall (indicating the price may fall). Getting back to the $53K price area is not going to be that easy unless a whale comes to buy!