Here is the significant movement of the bitcoin which we can see the price is melting down even more after the price spiked to the upside level of $24200 region.
With the melting down in the price, it makes more important on the price action as we are seeing the price is now testing the area of bullish trap on previous structure which could be a very strong support on the lower cycle.
As long as the price is still trending above the yellow resistance trend line and still higher than $21500 region as the previous broken resistance which is now becoming a support.
During the phase 2 of break out strategy, that can be a complicated movement which it's very likely the price to try liquidate the early buyers before it goes up even more to the upside.
Our opinion is that current structure needs to show us a fairly large relief rally or dead cat bounce to show us that the market is still healthy especially looking at current structure, the price is in a huge extreme oversold on higher degree.
We actually don't care about how far the price can go in the future, all we need is a bounce to reflect the market is in healthy condition with the bulls fighting back as the reaction of relief rally or correction on this bearish structure.
With the melting down in the price, it makes more important on the price action as we are seeing the price is now testing the area of bullish trap on previous structure which could be a very strong support on the lower cycle.
As long as the price is still trending above the yellow resistance trend line and still higher than $21500 region as the previous broken resistance which is now becoming a support.
During the phase 2 of break out strategy, that can be a complicated movement which it's very likely the price to try liquidate the early buyers before it goes up even more to the upside.
Our opinion is that current structure needs to show us a fairly large relief rally or dead cat bounce to show us that the market is still healthy especially looking at current structure, the price is in a huge extreme oversold on higher degree.
We actually don't care about how far the price can go in the future, all we need is a bounce to reflect the market is in healthy condition with the bulls fighting back as the reaction of relief rally or correction on this bearish structure.
