Is BTC going to 36k or will we bounce from here?
Here's a quick comparison between the current price action and the previous price action that stretched from December 2020 to may 2021 where the price went from 19k to our current ATH 65k. As we can see, both price actions are very similar to each other, and if the current price action had to play out the same way as the previous price action (marked as the blue price action), then we could see a correction to 36k which won't be very pleasent.
Though it has to mentioned that the RSI on the 4 hr timeframe is at a very oversold level and is suggesting a bounce from the current price zone.
Furthermore we have to take note of the falling wedge that the current price action is forming. Falling wedges are bullish reversal/continuation patterns.
Also the price is currently above the 200D EMA but below the 100D and 50D EMA. The price has to close above the 200D EMA, otherwise the we will probably end up at the 36k level.
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Though it has to mentioned that the RSI on the 4 hr timeframe is at a very oversold level and is suggesting a bounce from the current price zone.
Furthermore we have to take note of the falling wedge that the current price action is forming. Falling wedges are bullish reversal/continuation patterns.
Also the price is currently above the 200D EMA but below the 100D and 50D EMA. The price has to close above the 200D EMA, otherwise the we will probably end up at the 36k level.
-------------------------------------------
If you like the content, then make sure to comment and like the post :D
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BTC dictates the market. If BTC falls, then Alts will fall as well. Trade safe!
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