Market conditions seem very manipulation-driven at the moment. We have just seen a hunt to liquidate leverage with a flash crash to 50k and it was bought back up within seconds. This is an interesting development and with how rapidly the price bounced back to 55k means BTC likely has a lot of support here.
Price is hovering just below the neckline (Redline) and has been for a few days now. If the SPX opens up green tomorrow, we could see a break of this neckline and a rapid shoot-up to test All-Time Highs. This is a very risky spot for Bitcoin at the moment, but with the developments over the last month and where I stand with my analysis, I do believe BTC will break this neckline here.
The only question is if we have a true retest of the break-out (test 50k again) before pushing beyond the neckline or it goes from here and breaks it. I have shown both possible outcomes.
Price is hovering just below the neckline (Redline) and has been for a few days now. If the SPX opens up green tomorrow, we could see a break of this neckline and a rapid shoot-up to test All-Time Highs. This is a very risky spot for Bitcoin at the moment, but with the developments over the last month and where I stand with my analysis, I do believe BTC will break this neckline here.
The only question is if we have a true retest of the break-out (test 50k again) before pushing beyond the neckline or it goes from here and breaks it. I have shown both possible outcomes.