#Bitcoin 1D chart updated
#Bitcoin 1D chart;
Bitcoin is likely to touch the upper red trend line in the short term.
Let me explain why I think so, based purely on technique, far from the <emotional thinking> that I always underline, so that it is not in the air;
<ChoCh> is also known as a trend direction change. The fact that it broke the uptrend with a hard momentum candle and then unwound to the IMB area in this region, where it can hold for now, reveals this possibility.
However
The levels indicated by the orange circles are critical.
The orange circle on the left is the highest peak of the previous month. Naturally, it is the first important hurdle to cross for now. This is the 70k level. If a close above it comes, then we can talk about bullishness. For now, we can state that no chart based on rockets and flames has any basis in reality, as we have no data to suggest that it can break here hard.
What happened at the previous highs?
Not only were the highs not broken, but the downtrend line (red) also worked as resistance.
There is no reason why the same scenario cannot work again (for now).
Of course, it should not fall below the IMB level first. If this happens, the previous monthly low below will be tested.
Bitcoin is likely to touch the upper red trend line in the short term.
Let me explain why I think so, based purely on technique, far from the <emotional thinking> that I always underline, so that it is not in the air;
<ChoCh> is also known as a trend direction change. The fact that it broke the uptrend with a hard momentum candle and then unwound to the IMB area in this region, where it can hold for now, reveals this possibility.
However
The levels indicated by the orange circles are critical.
The orange circle on the left is the highest peak of the previous month. Naturally, it is the first important hurdle to cross for now. This is the 70k level. If a close above it comes, then we can talk about bullishness. For now, we can state that no chart based on rockets and flames has any basis in reality, as we have no data to suggest that it can break here hard.
What happened at the previous highs?
Not only were the highs not broken, but the downtrend line (red) also worked as resistance.
There is no reason why the same scenario cannot work again (for now).
Of course, it should not fall below the IMB level first. If this happens, the previous monthly low below will be tested.
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