Bitcoin- Major false break and back to 70k after?
Last week, Bitcoin broke below the important 60k support level, which coincides with the neckline of a double top.
However, after an initial drop to the 53k zone, the price quickly recovered, forming a daily pin bar and leaving a double bottom on short-term time frames.
Now, Bitcoin is back in the broken support level zone.
Considering the quick recovery, in my opinion, this will prove to be a false break, not a test and continuation downwards.
I am looking to buy dips against the recent low with a target around 70k.
However, after an initial drop to the 53k zone, the price quickly recovered, forming a daily pin bar and leaving a double bottom on short-term time frames.
Now, Bitcoin is back in the broken support level zone.
Considering the quick recovery, in my opinion, this will prove to be a false break, not a test and continuation downwards.
I am looking to buy dips against the recent low with a target around 70k.
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