BTC is challenging its trendline resistance. What is next?

BTC is challenging its trendline resistance. Last Saturday, BTC dropped hard during the forex market holiday. But it has almost recovered. Last Saturday, BTC dropped from the $56000 price zone to the $42000 price zone.

$52000/53000 was strong support before it dropped. Now BTC is challenging its trendline resistance $52000/53000 price zone. So, breaking above $53000 may invalidate its downtrend.

But as long as below the Descending trendline, which started from 9th November, BTC won't change its downward bias.

Though it is too early to say that ahead of Christmas and the new year, it is expected that there will be profit-taking. If so, we may see another knee-jerk downside slide on the BTC.

As long below $53000, our first sell target is $47500, the next target is $40764, and the final target to the downside is $30500.

Our sell target will be invalid if BTC rice is close above the $60000 price zone.

If you see in the weekly chart, RSI dropped below the divergence. That also indicates the more downside pressure coming soon. Let's see what happens. Just follow money management and enjoy trading.

This is not a trading signal, and it is just a personal opinion only.

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We have updated our bitcoin chart and analysis....