Analysis
Last week we were waiting for a continuation of the bullish movement after the falling wedge (main corrective structure) was broken
The idea that the price was about to start a new motive wave towards the 14.000 level was pretty clear, and we were waiting for specific signals to open Long trades
However, it has lost around 30% of its value in the last five days undermining arguments that it acts as a safe haven in times of geopolitical stress
Technical Perspective
Currently, the price is below the previous falling wedge pattern, and we have a new corrective structure more likely to be a Channel (Zig-Zag). If this still a corrective movement, we should see a reversal move between 5800 and 5000. That's the last stand for the bullish side
If the price breaks below 5000 with clear bearish candlesticks, we should suspect that this is no longer a correction, and we should assume that the price has the potential to keep falling towards the 3200-3000 level.
We will be paying attention to the reaction of the price on the current zone, and based on that. We will provide new forecasts on BITCOIN, either long or short.
Last week we were waiting for a continuation of the bullish movement after the falling wedge (main corrective structure) was broken
The idea that the price was about to start a new motive wave towards the 14.000 level was pretty clear, and we were waiting for specific signals to open Long trades
However, it has lost around 30% of its value in the last five days undermining arguments that it acts as a safe haven in times of geopolitical stress
Technical Perspective
Currently, the price is below the previous falling wedge pattern, and we have a new corrective structure more likely to be a Channel (Zig-Zag). If this still a corrective movement, we should see a reversal move between 5800 and 5000. That's the last stand for the bullish side
If the price breaks below 5000 with clear bearish candlesticks, we should suspect that this is no longer a correction, and we should assume that the price has the potential to keep falling towards the 3200-3000 level.
We will be paying attention to the reaction of the price on the current zone, and based on that. We will provide new forecasts on BITCOIN, either long or short.
