Will BTC Test the Lower 50ks Again?
BTC is experiencing a retracement after its recent bullish breakout. The battle at the strong support level of approximately 69k has shifted to the 65k-67.5k band. So, what's the next stop (possibly terminal) for this pullback? I anticipate BTC might revisit the mid-50k range, with a high chance of briefly dipping into the lower 50ks. This prediction stems from the Harmonic pattern formation (Cypher, Shart, etc.) and the parallel channels visible on the chart.
Interestingly, I'd overlooked that we've been navigating within a dark-orange, red-edged channel for quite some time. It's highly probable that this channel will act as a support in this scenario, aligning with insights from other analyses.
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