The current state of Bitcoin is showing quite a lot of similarities than what we saw in June.
Back in then the price already had formed a which many people believed would had lead to an instant upward movement. Instead it got rejected by the and retested the previous low level which lead to an upward movement. Shorts were opened during this dip and it lead to failures.
Currently it's forming a , is at the bottom of the channel and it's getting rejected by the previous .
According this study that I have created it's going to test the previous low and which makes bears to open more shorts but instead leads to an uptrend.
Keep in mind that studies are generally showing different possibilities and what could happen if it follows something very similar what has happened in the past. Different market scenarios are never exactly a like but there might be changes due to the various reasons.
Trade careful out there!
If you come up with any questions feel free to ask!
Things to Remember:
- Stop-loss orders are strongly recommended.
- Fomos likely lead to a loss.
- Do your homework before investing or trading.
Please be aware this is not financial advice. You are responsible for your trading and investing decisions. It is highly recommended to do your own research before investing in anything.