It looks like a short-term "moment of truth" is happening right now for bitcoin as it starts to approach the "channel cross" of which I mentioned in previous writings.
One option looks like the price is hitting the top of the descending channel (dashed red lines) and it is then going to continue downward between 54.5K and 57K (a break near 57.5K would be better confirmation).
Another option is that the price will head to 60K, staying in the ascending channel (dashed blue lines), and either continuing upward in the channel up to near the ATH (or beyond) or be rejected at 60K, which is the current neckline (dashed yellow line) of what looks like an inverse head and shoulders pattern starting.
The pattern that looks the most appealing in my opinion would be a dip to form a more solidified inverse head and shoulders pattern, but with other ALTs breaking out, it is quite possible that a breakout could occur from here as well.
It should be interesting to see where BTC goes from here as this looks to be right around the crossroads for a short-term direction. If you see anything indicating a more solidified direction, please leave a note in the comments as I would love to hear what you think.
One option looks like the price is hitting the top of the descending channel (dashed red lines) and it is then going to continue downward between 54.5K and 57K (a break near 57.5K would be better confirmation).
Another option is that the price will head to 60K, staying in the ascending channel (dashed blue lines), and either continuing upward in the channel up to near the ATH (or beyond) or be rejected at 60K, which is the current neckline (dashed yellow line) of what looks like an inverse head and shoulders pattern starting.
The pattern that looks the most appealing in my opinion would be a dip to form a more solidified inverse head and shoulders pattern, but with other ALTs breaking out, it is quite possible that a breakout could occur from here as well.
It should be interesting to see where BTC goes from here as this looks to be right around the crossroads for a short-term direction. If you see anything indicating a more solidified direction, please leave a note in the comments as I would love to hear what you think.