🔥 Bitcoin Fighting For The Break Out: Watch This Area!
Updated
Ever since BTC fell through the yellow support line, I've been largely bearish on BTC and argued that the 2023 is likely to be in.
After the initial drop, BTC as surprisingly recovered most of the initial drop and currently retesting the top purple support.
As long as we will not confirm the break out by closing the weekly above the resistance, the bears are technically in charge. Thus, I'm looking for a rejection of said resistance leading to more selling in the near future.
On the other hand, a weekly close above this resistance is very bullish. In the short-term, bulls have the overhand, let's see if they have the power to push through.
Keep in mind that stocks are generally bearish now. Bearish stocks are rarely good news for BTC.
After the initial drop, BTC as surprisingly recovered most of the initial drop and currently retesting the top purple support.
As long as we will not confirm the break out by closing the weekly above the resistance, the bears are technically in charge. Thus, I'm looking for a rejection of said resistance leading to more selling in the near future.
On the other hand, a weekly close above this resistance is very bullish. In the short-term, bulls have the overhand, let's see if they have the power to push through.
Keep in mind that stocks are generally bearish now. Bearish stocks are rarely good news for BTC.
Note
Second retest. In all fairness, it looks like the price wants to break out.
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