Bold BTC Prediction: Make or Break
Bitcoin is currently at a make-or-break level. The trend is still clearly down as price currently trades right up against the upper boundary of the 2 standard deviations linear regression channel. What makes this level extra significant is the fact that it is also the current monthly pivot and 40 daily SMA, both of which have seen price getting rejected in the past few months. For this reason, the higher probability outcome is another rejection sending price back to support at the 365 daily average around 32000 to 32500. If that level of support fails to hold and we see a daily close below it the probability of another leg down to major support from the yearly pivot @ ~21000 is still a very real scenario. In the event of a daily close above the bearish channel and current monthly pivot @ 35000 a move higher towards the yearly R1 @ 37400 will surely follow soon after. Only with a daily close above this level can we expect Bitcoin to start making a recovery with the first bullish target in such scenario @ 41000
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