Here is the current Bitcoin chart.
The daily ascending trendline previously mentioned has now been broken.
However, I still believe there is a chance for a rebound because the support zone around 102,500 (highlighted with the purple circle since May 16th) is still holding.
From my perspective, a minor rebound is underway, but I expect Bitcoin to drop down to the red box zone, which was the previous consolidation area after the uptrend.
Whether this red box zone holds or not will be crucial.
If it breaks down, as mentioned yesterday, there’s a high chance of further correction toward 100,678 → 98,800 → 94,450.
Conclusion:
The daily uptrend line is broken. (As this is a very critical zone, I personally recommend closing positions if in profit.)
A bounce occurred from the support zone, but if it comes down again, it may break the previous low and head toward 100,678.
A break below 100,678 would likely signal a full trend reversal.
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Related publications
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.