The channel that was formed April 11th is still intact. Every test of the 55 EMA has seen a bounce. I do not believe that we will break the local high around 5425 on BTC/USDT. Currently I am neutral until the 55 EMA and current channel fails. Then I would expect the ABC correction to hit around 4800. If BTC is able to break the local highs, then that would invalidate the ABC correction.
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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.