Bitcoin is currently riding the uptrend nicely, a break of the support could lead to a little correction, since the uptrend has been prolonged without any correction. So im a bit cautious. Could drop to $56,000.
Bitcoin is currently forming a rising channel, will bitcoin break All Time High from here or dump, its really an interesting season because truly we dont know what will eventually happen, the market does what it does.
Bitcoin moving in this channel, a break above $56,000 would make btc bullish for a little while and a break below $53,000 will make btc bearish for a while. Bullish Target $58k-60k & Bearish Target $50k-47k.
Bitcoin still ranging a break below the support would take the price to $38,000 & I truly feel the CME gaps at $32K-34K might get filled. A break above resistance would be good but i dont see that happen and also the support is very weak due to several retest. Lets see how long it will hold.
Pay attention to this triangle, if bitcoin breaks down we will easily see $38,000. The bottom is not yet in thats how i feel, one last shake out or two remaining haha, a lower low below $29,300 would be very bad.