In the very uncertain period of the correction back to $55.6k after a new all time high, it is worthwhile considering the bearish case for BTC. Now, I'm not buying this, for a range of reasons, but it is good to consider it and what is possible.
One might see a certain similarity, between the current price action and the period coming into mid-April 2021, price divergences for instance, the shape of the MACD, and a budding Head & Shoulders formation. Clearly a break below $55.6k would be detrimental to the prospects of BTC rallying to a new all time high soon, so that neckline is a zone to watch.
You will be happy to know that there is a bullish case as well, but that's another story.
One might see a certain similarity, between the current price action and the period coming into mid-April 2021, price divergences for instance, the shape of the MACD, and a budding Head & Shoulders formation. Clearly a break below $55.6k would be detrimental to the prospects of BTC rallying to a new all time high soon, so that neckline is a zone to watch.
You will be happy to know that there is a bullish case as well, but that's another story.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.