BTC has had a strong rally back into the prior resistance and unless we can break above the prior highs, I still think probability still favors more downside (and I think we see a new low).
I've marked off support levels and resistance levels as I think this will largely be the range over the next year.
My base case as of now, is that we see one more low down in the $69k-$62k region before we start a new run to the highs above ($122k+). Another possibility is that we sweep the lows and bounce at $72k, then move up towards the highs.
That said, the reason I think lower is due to the massive imbalance on the chart that needs to get resolved.
Overall I still think we're in a bullish trend, but that we continue to pullback before the final move higher.
I've marked off support levels and resistance levels as I think this will largely be the range over the next year.
My base case as of now, is that we see one more low down in the $69k-$62k region before we start a new run to the highs above ($122k+). Another possibility is that we sweep the lows and bounce at $72k, then move up towards the highs.
That said, the reason I think lower is due to the massive imbalance on the chart that needs to get resolved.
Overall I still think we're in a bullish trend, but that we continue to pullback before the final move higher.
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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.