Analysisbtc
Bitcoin - analysis on 4HRSI , MACD & RVI reached their resistance lines on 4H, therefore, it is safe to expect the price to go down to its TP1 at 57050 USD level. The price may still go up to 59300 USD before or after this correction. The chart shows main channels: the main one is in pink colour, the flat is in black colour that the price recently broke out off and the new potential channel is in green colour.
Thereafter, it's best to watch the price action closely. In principle, the price could go all the way up to 65000 USD. However, it needs to stay in this area and bounce off the blue trend line first as a confirmation.
Therefore, it would be wise to see how the candle on 4H and 1D closes at the end of today. I am more in favour of the price going down to TP2 at 55600 USD, followed back by a small correction and then proceeding with a dump to 50500 USD.
Let's see how it plays out.
Bitcoin AnalysisMoving in an uptrend channel and in the event of a break the next support channel specified in the downtrend scenario.
The next goal is also characteristic in the ascending scenario. According to the market conditions, the ascending scenario has a better chance and we have to wait for today's daily candle.
Bitcoin - ascending triangle is formed on 15MBased on the formation of the triangle it is plausible to expect the price to go to its resistance level in light red colour. The height of triangle's formation also supports the distance of the price action. Also, the last 3 candles including the one today on 12H show a local trend reversal, which also support current Long.
Once the price reaches the green rectangle area around 59200 USD, it will be at the top of its ascending wedge beteeen two green lines. Therefore, a drop to a local support line in pink colour would be expected.