Bitcoin definitely has some work to put in before we can comfortably and realistically say we are back in a bull market.
A rejection on/around the 20 EMA area (Blue line) is the most likely scenario in my eyes + we have bitcoin forming the mother of all H&S right now so there is a possibility that could play out to the downside, If that happens we could be in for a swift and steep drop down to the 24k/23k level.
A break out above this level however would be amazing for the bullish outlook of bitcoin I just feel judging the current price action we have it's definitely less likely of the two scenarios. Let's wait and see, it's super important to be realistic with your market analysis and not to be married to one outcome. Be open-minded.
A rejection on/around the 20 EMA area (Blue line) is the most likely scenario in my eyes + we have bitcoin forming the mother of all H&S right now so there is a possibility that could play out to the downside, If that happens we could be in for a swift and steep drop down to the 24k/23k level.
A break out above this level however would be amazing for the bullish outlook of bitcoin I just feel judging the current price action we have it's definitely less likely of the two scenarios. Let's wait and see, it's super important to be realistic with your market analysis and not to be married to one outcome. Be open-minded.