Bitcoin broke downward out of a wedge yesterday (orange lines), but still managed to find support from the upward channel it has been trending in since the last low at 43K (green dashed lines). Hence BTC looks to be treading on some precarious ground here. If the support of the green channel continues to propel a bounce, there are some potentials to rise up and above 63K (wedge potentials at that price indicated by the blue dashed line). However, if support at the current bottom of the channel falters, there are potentials down to 51K and beyond.
It looks to be an interesting crossroad over the next couple of days to see if the price can gain momentum and keep rising or if a dip is in order.
It looks to be an interesting crossroad over the next couple of days to see if the price can gain momentum and keep rising or if a dip is in order.