Bitcoin is either in a rising channel or a rising wedge. The first is neutral and could break bullish or bearish and the other one is bearish. Rsi is declining, macd is losing momentum and volume remains extremely low. So beware with what you do. Dont forget that this bear market can't be considered over yet until certain targets are hit, the first one being recovering the 200dma. Considering the weekly moving averages have also just charted a death cross for the first time in history it could spell trouble. The focus these past weeks have been on the bulls and the bullish cross on the daily charts but we must forget that larger time frames lead over the shorter ones. Meaning that the death cross has probsbly a larger significance for long term price action than the daily golden cross.
Conclusion: in the short term we need to break the channel or rising wedge upwards in order to boost new momentum in this run. If thsi happens 30k is the most likely target before a substantial correction. Most likely though we are headed to the bottom of the channel at 22,300 in the short term before testing the upper boundary again. If the lower boundary breaks we shall test the psychological 20k as next level. If we get to this point i expect the bear market to continue further for another few months.
Don't use my idea as trading advice and do you own research before trading.
Conclusion: in the short term we need to break the channel or rising wedge upwards in order to boost new momentum in this run. If thsi happens 30k is the most likely target before a substantial correction. Most likely though we are headed to the bottom of the channel at 22,300 in the short term before testing the upper boundary again. If the lower boundary breaks we shall test the psychological 20k as next level. If we get to this point i expect the bear market to continue further for another few months.
Don't use my idea as trading advice and do you own research before trading.