Bitcoin Channel Analysis
Bullish scenario: $64000 is broken and run to $72000. If $72000 is broken, a bull flag formation occurs and 100k is reached.
Bearish scenario: Rejection at $64000 and break of both price action support and moving average level at $60000. It drops up to $52000.
Since it recovered quickly after the decline below 60k at the beginning of May, I think the bear scenario is not possible except in an extraordinary situation. But we should not forget to put our stops just in case. On the contrary, apart from these two scenarios, it is also possible for Bitcoin to fluctuate in the parallel channel between 73k - 60k.
Bearish scenario: Rejection at $64000 and break of both price action support and moving average level at $60000. It drops up to $52000.
Since it recovered quickly after the decline below 60k at the beginning of May, I think the bear scenario is not possible except in an extraordinary situation. But we should not forget to put our stops just in case. On the contrary, apart from these two scenarios, it is also possible for Bitcoin to fluctuate in the parallel channel between 73k - 60k.
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