BITCOIN finally reached the June 2019 High! Correction next?

Yes finally Bitcoin hit the long awaited target of the June 26, 2019 High ($13865), completing more than a year of frustration and market volatility. So what now?

It is only natural to see a rejection currently, as that level was the target of most medium-term traders that bought after the 1D MA50 broke to the upside, as per my post earlier this month:


Typically when such heavy profit taking takes place, the market is carried away and more short-term sellers join in so I will not be surprised to see the price making contact with the 1D MA20 (green trend-line) right on the middle (white dashed) trend-line of the Channel Up. Noticeably, the same action took place after the June High (1D MA20 touched). Additionally, see how in both sequences, the RSI got rejected on its Resistance. It is thus possible to see 1-2 weeks of high volatility ahead of us, which from a fundamental perspective isn't odd, as the global markets (cryptos included) will require some time to digest the result of next week's U.S. Presidential elections. Needless to say, if the Resistance breaks, the current Channel Up can test $14,150 and if that breaks too a new long-term bullish pattern emerges.

So do you expect a correction or a new High? Feel free to share your work and let me know in the comments section!


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P.S. It was more than obvious that last week's rally still had room to go: