A retest of 49k from here is likely at this point judging by the bull flag pattern it has formed in the downtrend channel indicated in the chart. We are also seeing a drop in price but the RSI is making higher highs which are signs of continuation to the upside.
From here any retest of 49k-50k will be critical and will be the deciding factor of where we go in the coming weeks and maybe months. If we consider this potential ABC correction pattern, if BTC fails to break 50k this time around we could see it drop and retest 40k as support.
Here we can also see the similarities in structure between this pump and the previous one. In both cases, we have seen two breakdowns, and judging by the first one in May, the selling pressure could prove strong once again.
From here any retest of 49k-50k will be critical and will be the deciding factor of where we go in the coming weeks and maybe months. If we consider this potential ABC correction pattern, if BTC fails to break 50k this time around we could see it drop and retest 40k as support.
Here we can also see the similarities in structure between this pump and the previous one. In both cases, we have seen two breakdowns, and judging by the first one in May, the selling pressure could prove strong once again.
Comment:
We are seeing resistance at the breakout zone and will be detrimental to see from here if it actually pushing to the upside. If a strong rejection occurs more selling pressure will come. I still hold that it will gain strength when least expected. Time will tell.
Comment:
BTC has completed the ABC correction pattern and is consolidating for its next move. We have just witnessed a price drop because of China but yet BTC didn't make a lower low.
We see BTC is now trading back in the downtrend channel where it is looking for a breakout to the upside. Here is an updated analysis
We see BTC is now trading back in the downtrend channel where it is looking for a breakout to the upside. Here is an updated analysis
