BTC - Critical Levels Being Tested
On higher timeframes, extending from Nov-22, BTC is in a bearish pattern (channel, possibly flag). Currently at the top of that channel, from Jan-Mar BTC drew a continuation pattern (expanding wedge ), between 20k-25k.
The weekly close is super important, bulls want to close over
27K, escaping the ascending channel to begin a new trend. But a rejection can rally the bears, dropping BTC as low as 21k and retest support on the ascending channel . If that fails, we could retest the upper teens.
If it weren't challenging enough for bulls, BTC is currently in a value gap that rejected us twice in the past 6 months. If the bulls can muster a rally over the ascending channel , into the weekly close, it could carry us to the next higher value range, 30k to 40k.
The weekly close is super important, bulls want to close over
27K, escaping the ascending channel to begin a new trend. But a rejection can rally the bears, dropping BTC as low as 21k and retest support on the ascending channel . If that fails, we could retest the upper teens.If it weren't challenging enough for bulls, BTC is currently in a value gap that rejected us twice in the past 6 months. If the bulls can muster a rally over the ascending channel , into the weekly close, it could carry us to the next higher value range, 30k to 40k.
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.