Bitcoin- Bulls need to hold 57k intact
Updated
When it comes to bitcoin, you can say anything, except that the price will fall. But let s be realistic, not even trees grow to the sky and this last bull run already reached 600% and a 30% correction is beneficial for the main cryptocurrency at this point.
From a technical perspective, bitcoin has a clear and strong ceiling above 60k and now is consolidating in a very tight 5% range.
57k is the floor at this point but I don t see here a lot of buying pressure but more of a lack of selling, just for price to rebound.
If or when bitcoin will break under, I see it tumbling quickly to 52k support and, a break here would confirm a double top and has as a target 40-42 zone.
A spike above 60k is not out of the question though but even with this I will remain bearish on medium-term
From a technical perspective, bitcoin has a clear and strong ceiling above 60k and now is consolidating in a very tight 5% range.
57k is the floor at this point but I don t see here a lot of buying pressure but more of a lack of selling, just for price to rebound.
If or when bitcoin will break under, I see it tumbling quickly to 52k support and, a break here would confirm a double top and has as a target 40-42 zone.
A spike above 60k is not out of the question though but even with this I will remain bearish on medium-term
Note
At this point btcusd is back to horizontal resistance. If it will reverse from here, it will break the trendline and we will have a deep dive. If it goes above, then my bearish scenario will not pay off and indeed we are going to new ATH.My trade at this point is with SL in BE
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