The bitcoin continue to be in the bear market, but we can see the light at the end of the tunnel. If you keep an attention to the chart, you can see the formation of third pattern. We need a bigger volume in order for the Bitcoin to to break the three strong resistances. The first resistance is arround $6640, the second is around $7500 and the third is around $8500 The RSI continued to be uptrend and he stayed over the the yellow line representing the RSI 40.
One of the three scenarios is represented by the orange line. The Bitcoin will do the same pattern once again. He will exit the red triangle to the resistance of $ 7500 and will test again the support around $ 6000
The second of the three scenarios is represented by the green line.The Bitcoin will be in the uptrend channel to the resistance of $ 8500. The volume will be increased by some good news in the next months like ETF.
The Third of the three scenarios is represented by the red line. The Bitcoin will face the resistance at $6640 once again and will create a turnover for a downtrend channel. The Bitcoin will show a support around the $6200 and $6000, but if he breaks theses two support we will see a panic sell and probably testing the $5750 suppport.
One of the three scenarios is represented by the orange line. The Bitcoin will do the same pattern once again. He will exit the red triangle to the resistance of $ 7500 and will test again the support around $ 6000
The second of the three scenarios is represented by the green line.The Bitcoin will be in the uptrend channel to the resistance of $ 8500. The volume will be increased by some good news in the next months like ETF.
The Third of the three scenarios is represented by the red line. The Bitcoin will face the resistance at $6640 once again and will create a turnover for a downtrend channel. The Bitcoin will show a support around the $6200 and $6000, but if he breaks theses two support we will see a panic sell and probably testing the $5750 suppport.