--Serious-- BTC Bitcoin analysis: BTC to re-test support

BTC has gone up quite strongly, after finding a temporary bottom at 5700. However, BTC is in a tough position. Not only did it fail to break 7.8k and attempt a higher high, but it did so with violence. I believe BTC will come back to re-test support at around 6.8k, the neckline of the inverse head and shoulders. If it holds, then 7800+ is in the cards. If it fails to hold, which is the most likely scenario, seeing as we are in a broadening ascending wedge/bear flag, then the next target will be 6500 and lower.

The bear market is still with us, and we should respect that.

Comment:

BTC is not done yet! The price action that we have seen today, on Saturday is very bullish and I suspect whales are prepping for another liquidity pump to the mid 7.7 - 7.8k area before finally coming down and correcting. The red box is where you want to watch out for this movement.

Trade closed manually:

Idea invalidated. Holding my hedge long from 7386