For the first scenario to materialize, prices need to peak higher than the previous one, followed by a bottom higher than the previous one as well. We can see on the graph on the right, the BTC in 4h time unit as well as an extension of Fibonacci starting from the low point reached on April 1st.
In order to continue its short-term , the BTC must first cross the between $8291 and $8400 and head towards the $8580-8600 zone. The latter corresponds in particular to the long-term downward , in logarithmic scale. If this one is broken, the prices could then go towards 8800$ and 9000$ in a first time and 11772$ then.
In the event of resistance failure, a return to $7820-$7840 is likely. In the medium term, if the BTC should fail under its oblique resistance, a return to support at 6500$ is not impossible as the extension of Fibonacci in the longer-term shows.
Given the configuration of the technical indicators, we prefer the first scenario while not completely excluding the second. To your stop-loss!
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